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Borosil Glass Works climbs on commencement of buyback offer

19 Dec 2011 Evaluate

Borosil Glass Works is currently trading at Rs. 820.05, up by 48.75 points or 6.32% from its previous closing of Rs. 771.30 on the BSE.

The scrip opened at Rs. 793.00 and has touched a high and low of Rs. 823.90 and Rs. 793.00 respectively. So far 8,102 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 919.75 on 29-Jul-2011 and a 52 week low of Rs. 550.50 on 16-Feb-2011.

Last one week high and low of the scrip stood at Rs. 823.90 and Rs. 750.00 respectively. The current market cap of the company is Rs. 325.00 crore.

The promoters holding in the company stood at 55.48% while Institutions and Non-Institutions held 14.22% and 30.30% respectively.

Borosil Glass Works is the single largest manufacturer of the complete range of volumetric glassware in the country. Their volumetric products find usage in all laboratories from high-end pharmaceutical production to high schools and colleges.

Borosil Glass Works proposed to buy back its own shares at a price not exceeding Rs 850 a share payable in cash for an aggregate amount not exceeding Rs 81.93 crore. The commencement of shares will begin December 19, 2011. The last date for the proposed buyback would be November 10, 2012 or when the company completes the buyback to the extent of 0.96 million equity shares, whichever is earlier.

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