Adani Ports&Special Economic Zone Ltd (ADANIPORTS) today approved the proposal to buy-back shares worth Rs.1960-crore.
The company, in its stock exchange filing, said it will repurchase 3.92-crore shares at Rs500/per share. The offer price is at a premium of 17.6pc from the current market price.
Reacting to the announcement, shares of ADANIPORTS rallied to an intra-day high of Rs429.85-per share on National Stock Exchange (NSE).
This is after the company last week reported its earning numbers at 38.69pc increase in profit to Rs.1285.38-crore for the January-March 2019 quarter.
The ADANIPORTS stock opened at Rs423.40-per share and hit an intraday high and low levels at Rs429.65 and 417.40 respectively on the NSE, and the share price is currently quoting (at 2.30pm) at Rs426.25 up by 0.35pc. In comparison, the NSE benchmark down by 40 points at 12048.30, and BSE Sensex down by 115 points at 40152-level.
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