AIA Engineering shares fall after board approves Rs 500 crore share buyback

The company's board has approved the buyback of up to 10 lakh  fully paid up shares of face value of Rs 2 each by the company at a price of Rs 5,000 per equity share payable in cash for a total of Rs 500 crore. This represents 7.92 per cent and 7.51 per cent of the total paid-up equity share capital ad free reserves. 

AIA Engineering has fixed the buyback price at Rs 5,000 per share, which is a 12 per cent premium to its closing price on Tuesday. The buyback is announced via the tender route with the record date of August 20.

This is the first buyback that AIA Engineering will be carrying out on record.

Meanwhile, shares of AIA Engineering were trading at Rs 4,442.9 each, down 0.39 per cent on BSE today at 12.49 PM IST. During the day, the stock reached high at Rs 4,690 in intraday trading, up five per cent from its previous close.