PVR soars on bourses on share buyback news

The scrip surged by 10.27% following news of the board's buyback of 18 lakh shares.

Shares of film exhibitor and distributor PVR spurted by over 10 per cent on the bourses on Tuesday after the company’s board approved buyback of about 18 lakh shares for Rs 26.22 crore.

Following the news,the scrip surged by 10.27 per cent to settle at Rs 110.10 on the BSE. In intra-day,the stock zoomed up by 15.82 per cent to touch a month’s high of Rs 115.65.

In a similar fashion,PVR’s share jumped by 10.39 per cent to close at Rs 110 on the NSE.

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On the volume front,over 54 lakh shares of the company changed hands on the bourses during the day.

PVR said its board of directors has approved buying fully paid equity shares of Rs 10 each for an amount not exceeding Rs 26.22 crore,being 6.90 per cent of paid-up share capital and free reserves as on March 31,2011,for a price not exceeding Rs 140 per share.

The number of shares to be bought back would be between 5.62 lakh shares (minimum offer shares) and 18.72 lakh shares (maximum offer shares.

Meanwhile,it was a good trading session for the broader market also,as the BSE key index Sensex settled with 1.49 per cent gains at 18,503.28.