Pennar Ind to buy back shares worth Rs 10cr

Hyderabad: City-based Pennar Industries has on Monday announced a buyback of its shares from the open market for an amount not exceeding Rs 10 crore. The company will buy back the shares at prevailing market price on the stock exchanges, subject to a price not exceeding Rs 40 per share. "Pennar Industries at its meeting held today has approved buy back of the company's fully paid-up equity shares of Rs 5- each from open market through the stock exchange mechanism for an amount not exceeding Rs 10 crore at prevailing market price," the company said in a release. The company's board has decided to buy a maximum of 40 lakh and a minimum of Rs 10 lakh shares during the buyback. It took the decision in view of the current satisfactory operations of the company and also to enhance overall shareholder value. Besides, the company says the move will provide an efficient mechanism 'for providing an exit opportunity to those shareholders who desire to do so'.