Shares of Transport Corporation of India Ltd. fell by nearly 6% after touching a day’s high of Rs 1,094.90 on 26th August, despite the company announcing that it will conduct its first-ever buyback of its equity shares worth up to Rs 160 crore.

The company will repurchase up to 13.33 lakhs of fully paid-up equity shares with a face value of Rs 2 each for an aggregated sum of 1.72% of the company’s overall equity shares.

The buyback price is set at Rs 1,200 per share, reflecting a 4.4% premium over Friday’s closing price.

The company will buy back shares through the “tender offer” route, meaning the buyback price will stay fixed.

The record date for the buyback is set for 4th September 2024. This is the company’s first-ever buyback announcement.

Transport Corporation of India has neither issued any bonus shares nor split its stock but has paid dividends to its shareholders.

As of the June quarter, promoters held 68.94%, mutual funds 10.79%, and FPIs 3%.

The stock has risen 38% this year and 45% over the past 12 months.

At 11:28 AM, the shares of Transport Corporation of India were trading 5.70% lower at Rs 1,080.30 on NSE.

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