ECE Ind soars on announcement of buyback schedule

Mumbai : ECE industries has soared 15% at Rs 128 after announcing commencement of the buyback from July 25, 2011. The company's board of directors, at the meeting held on July 5, proposed to buy back a maximum 875,000 equity shares and a minimum 200,000 shares from the open market at a price not exceeding Rs 145 per share, payable in cash, aggregating to Rs 12.69 crore.

The maximum offer size represents 8.42% of the aggregate total paid-up equity capital and free reserves of the company as on March 31, 2011.