India's Techno Electric & Engineering slides on open market buyback

Techno Electric & Engineering

12/07/2022 05:52

** Shares of construction engineering company Techno
Electric & Engineering Co  TEEC.NS  fall as much as 5.4% to 298
rupees, their biggest pct loss since June 20
    ** Co on Monday said it approved buyback of shares worth up
to 1.3 bln rupees ($16.33 mln) via open market route
 urn:newsml:reuters.com:*:nFWN2YQ01L
    ** Buyback price at 325 rupees/share, a 3.1% premium to
Monday's close
    ** In open market buybacks, company buys shares directly
from the market at the prevailing price
    ** About 114,313 shares change hands by 0446 GMT vs 30-day
avg of 101,022 shares
    ** Stock up 31% YTD up to last close

($1 = 79.5875 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru)