Siyaram Silk Mills shares jump 8% on buyback announcement

Shares of Siyaram Silk Mills jumped 8% on September 15 after the company announced a share buyback offer at Rs 720 per equity share, an increase from the earlier price of Rs 650.

The company plans to buy back a maximum of 14,99,992 fully paid-up equity shares, which is 3.20% of its total equity shares. The buyback price is at a premium of 25% to the closing price of the stock on September 14.

The buyback offer is open for shareholders on a proportionate basis and will be funded through internal sources.

The share buyback is a positive development for the company and is likely to be seen as a vote of confidence by investors. The higher buyback price also indicates that the company is confident about its future prospects.

Siyaram Silk Mills is a textile manufacturer specializing in the production of fabrics and ready-to-wear garments. The company exports its products to various countries and has a strong brand presence in the domestic market.

The company has been on a growth trajectory in recent years and has been expanding its product portfolio and distribution network. The share buyback is a further indication of the company’s commitment to its shareholders.

Here are some of the key takeaways from the article:

• Shares of Siyaram Silk Mills jumped 8% on September 15 after the company announced a share buyback offer at Rs 720 per equity share.
• The company plans to buy back a maximum of 14,99,992 fully paid-up equity shares, which is 3.20% of its total equity shares.
• The buyback price is at a premium of 25% to the closing price of the stock on September 14.
• The share buyback is a positive development for the company and is likely to be seen as a vote of confidence by investors.
• The higher buyback price also indicates that the company is confident about its future prospects.

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