•       
  •       
News & Media
Market News
Hot Pursuit
Marathon Nextgen Realty advances as board approves share buyback plan
(12:24, 20 Mar 2017)
The announcement was made after market hours on Friday, 17 March 2017. The buyback price of Rs 275 per share, was at a premium of 6.83% to Friday's, 17 March 2017 closing price of Rs 257.40.

Meanwhile, the S&P Sensex was down 131.81 points, 0.44% at 29,517.18. The S&P Small-cap index was up 37.16 points or 0.27% at 14,049.79, outperforming the Sensex.

High volumes were witnessed on the counter. On the BSE, 17,000 shares were traded on the counter so far as against the average daily volumes of 6,068 shares in the past one quarter. The stock had hit a high of Rs 265 and a low of Rs 255 so far during the day.

The stock had hit a 52-week high of Rs 297 on 12 August 2016 and a 52-week low of Rs 135 on 5 April 2016. The stock had outperformed the market over the past one month till 17 March 2017, advancing 22.11% compared with the Sensex's 4.15% rise. The scrip had also outperformed the market over the past one quarter advancing 20.7% as against the Sensex's 11.93% rise.

The small-cap company has equity capital of Rs 28.44 crore. Face value per share is Rs 10.

Marathon Nextgen Realty announced that the board of directors at its meeting held on Friday, 17 March 2017, approved a proposal to buyback up to 54.37 lakh equity shares of the company amounting to Rs 149.52 crore being 19.12% of the total paid-up equity share capital, at Rs 275 per share.

The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism.

The buy-back is subject to approval of the members by means of a special resolution through postal ballot. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the buyback regulations.

Marathon Nextgen Realty's net profit declined 22.2% to Rs 25.16 crore on 36.4% decline in net sales to Rs 53.81 crore in Q3 December 2016 over Q3 December 2015.

Marathon Nextgen Realty is engaged in real estate development business.

Powered by Capital Market - Live News