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Pennar Ind Approves Buy-Back

Pennar Industries Ltd. said its board had approved buy-back of its equity shares of Rs.5 each, for an amount not exceeding Rs.10 crore at a price of Rs.40 apiece and subject to a maximum of 40 lakh shares or a minimum of 10 lakh shares from the open market through the stock exchanges,

The company said the board approved the buy-back, 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 and as an efficient mechanism for providing an exit opportunity to those shareholders who desire to do so, in a manner that does not substantially impact the market price of the company's shares to the detriment of the continuing shareholders and expecting the buy-back also to enhance the earnings per share of the Company in future and create long-term shareholder value,

At the BSE, Pennar Industries shares are currently trading at Rs.27.90, up 3.14 percent from the previous close.

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