Updated on August 24, 2024 at 21:59 IST

photo : Shutterstock.com

Transport Corporation of India (TCI), a logistics and supply chain management company. (Image: Shutterstock/ET NOW News)

Share buyback by the Transport Corporation of India: Transport Company of India (TCI), a logistics and supply chain management company, has announced a share buyback program. Transport Corporation of India is an Indian logistics and supply chain management company based in Gurugram. The company is a leader in the logistics sector and moves about 2.5% of India’s GDP every year.

Transport Corporation of India share price today

Shares of Transport Corporation of India opened at Rs 1162.95 on the BSE on Friday. On the BSE, the stock traded at an intraday high of Rs 1174.15 and an intraday low of Rs 1127.30. The company’s stock closed at Rs 1144.40, down 1.60 percent from the previous closing price of Rs 1162.95 on the BSE.

Transport Corporation of India share buyback: minimum price

The company will buy back up to 13,333,333 equity shares at a price of Rs. 1,200 per share, valued at up to Rs. 160 million, representing 1.72% of paid-up equity capital.

“…we have informed the Stock Exchanges that the Board of Directors (“Board”) of Transport Corporation of India Limited (“Company”) at its meeting held on 24th August 2024 (“Board Meeting”) has approved the buyback of up to 13,333,333 equity shares of the Company at a price of Rs 1200/- (Indian Rupees twelve

Hundred only) per common share (the “Tender Price”) on a pro rata basis through the “Tender Offer,” the company said in stock exchange filings.

Deadline for the share buyback of the Transport Corporation of India

The Transport Corporation of India has set September 4, 2024 as the cut-off date for determining the eligibility of shareholders to participate in the share buyback program. This means that shareholders who own shares of the Transport Corporation of India in their demat account on August 9 will be eligible to participate in the corporate event.

“…we would like to inform you that the Board of Directors also set September 4, 2024 as the cut-off date (“cut-off date”) for the

“The purpose of determining the eligibility and names of common stockholders who would be entitled to participate in the repurchase,” the company said in regulatory filings.

What is a share buyback?

A stock buyback is a type of business action. When a company announces a stock buyback, it buys its own shares at a higher price than its current shareholders. Buybacks reduce the number of shares on the open market. Companies often buy back stock to increase the value of remaining shares by reducing their supply.

(Disclaimer: The above article is for informational purposes only and should not be considered as investment advice. ET NOW DIGITAL recommends its readers/viewers to consult their financial advisor before taking any decision regarding any financial matter.)