India's S.P. Apparels jumps on share buyback plans at premium

S.P.Apparels

21/09/2022 09:28

** Shares of apparel and accessories manufacturer and
exporter S.P Apparels Ltd  SPAP.NS  rise as much as 8.28% to
454.55 rupees, biggest intra-day pct gain since Aug. 12
    ** Co approves a share buy back worth up to 351 mln rupees
($4.39 mln)  urn:newsml:reuters.com:*:nFWN30R22E
    ** Co to buy back 600,000 shares at a price of 585 rupees
per equity share through tender offer route (https://bityl.co/EcCS)
    ** Buy back at a premium of 39.4% from stock's last closing
price of 419.80 rupees
    ** More than 327,000 shares change hands by 0757GMT, 4.4x
30-day avg of 74,092 shares
    ** Median PT of the stock is 493 rupees - Refinitiv data
    ** Stock down 2.99% this year as of last close



($1 = 79.9300 Indian rupees)

 (Reporting by Atreya Raghavan in Bengaluru)
 ((Atreya.Raghavan@thomsonreuters.com; Mobile: +918527959656))