“We wish to inform you that the Board of Directors of the Company, in its meeting held today, i.e., August 07, 2024, has, inter alia, fully approved the buy-back of up to 10,00,000 (Ten Lakh only). Paid-up Equity Shares of face value of ~ 2/- by the Company at a price of ~ 5,000/- (Rupees Five Thousand) per Equity Share (representing 1.06% of the total number of Equity Shares of the Company) not exceeding ~ Cash for consideration. 500,00,00,000/- (Rupees Five Hundred Crore only),” the company said in its filing to the exchanges.
Also Read: Should You Buy Mazagon Dock, HAL, GRSE Even After Multibagger Rally? Tips from ICICI Securities
With this buyback, the company will undertake its first ever share buyback, according to data available on BSE. The company has not issued any bonus shares till date but regularly pays dividends to its shareholders.
Shares of AIA Engineering have gained 78% in the past two years. In the last year alone, the stock has gained 26.5%, and on a year-to-date basis, it is up 23.7%.
AIA Engineering specializes in the design, development, manufacture, installation and servicing of high-chromium wear-resistant parts for grinding equipment used in the cement, mining and quarrying industries.
AIA manufactures high-chrome grinding media, liners and diaphragms—collectively known as mill internals. These components are used for crushing and grinding operations in the cement, power utility, aggregates and mining industries.
Shares of AIA Engineering on the BSE on Friday were flat at Rs. It closed at 4,553.25.
(disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. (These do not represent the views of The Economic Times)
(You can now subscribe to our ETMarkets WhatsApp channel)
