TTK Prestige stock hits 52-week high after board approves buyback of shares

Shares of TTK Prestige hit a fresh 52-week high on Friday after the household appliances firm said its board cleared a buyback of shares at a price of Rs 1,200 per scrip via tender offer route. The buyback price is 25.63% higher to the previous close of Rs 955.15 on BSE. 

The stock climbed 5.84% intraday to a high of Rs 1,011 per share on BSE. Market cap of the firm climbed to Rs 13,815 crore. 

The size of the buyback issue is Rs 200 crore which is 9.88% and 9.88% of the fully paid-up equity share capital and free reserves. The company will buy back 16.66 lakh shares under the offer. 

The Board of Directors has determined the record date for the proposed buyback as August 14, 2024.