Shree Ashtavinayak plans buyback of shares

MUMBAI: The promoters of Shree Ashtavinayak Cine Vision are planning to up their stake and the board is meeting on 6 April to consider a buyback proposal.

The promoter holding has fallen from 48.32 per cent in 30 September to 31.52 per cent, according to data provided by the BSE till 31 December 2009.

The shares of Shree Ashtavinayak jumped 4.9 per cent to Rs 12.06 after the company announced its plans to consider a buyback proposal.

The company also said that it has allotted 6.82 million shares (of Re 1 each), at the issue price of Rs 43.98 per share on conversion of FCCBs amounting to $7.623 million.