Pennar Industries’ will be buying back 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 on the Stock Exchanges subject to a price not exceeding Rs 40 per equity share and subject to a maximum of 40,00,000 equity shares and minimum of 10,00,000 equity shares.
The company’s board of directors, keeping in view of the current satisfactory operations of the Company and to maximize returns to investors and enhance overall shareholder value by returning surplus funds to shareholders in an investor-friendly manner, decided to buy back company’s shares at its meeting held on June 10,2013.
Pennar Industries is one of India’s leading industrial companies engaged in the production and marketing of specialized engineered steel solutions. The Company has a strong presence across growth sectors in India through four operating divisions, Engineered Products, Cold Rolled Steel Strips, Heavy Engineering Products and Infrastructure Products, and a subsidiary company, Pennar Engineered Building Systems.
