Frontline Securities rises nearly 6% as board approves buyback proposal

The buyback price is set at Rs 40 per share aggregating to an amount not exceeding Rs 7.56 crore

Shares of Frontline Securities rose nearly 6 percent intraday march 27 after company board approved buyback proposal.

The company board approved proposal for buyback of fully paid up equity shares of Rs 5 each from the existing equity shareholders of the company on a proportionate basis through tender offer, company said in BSE release.

The buyback price is set at Rs 40 per share aggregating to an amount not exceeding Rs 7.56 crore.

The company proposes to buyback up to 18,90,027 equity shares of Rs 5 each (representing 15.94 percent of the total paid up equity share capital).

Sundae Capital Advisors Private Limited has been appointed as the manager to the buyback offer.At 1102 hours, Frontline Securities was quoting at Rs 39, up Rs 0.55, or 1.43 percent on the BSE.

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