202% YTD Gain: Multibagger Stock Sets Record Date For Rs 26.83 Cr Share Buyback

In the consumer durables industry, Elegant Marbles & Grani Industries Limited is a small-cap company. As of Friday's closing session, its market valuation was Rs 127.55 Cr. Elegant Marbles, the top option for premium stones in India, has been importing, producing, and exporting Italian marble for more than 35 years. On Friday the shares of Elegant Marbles & Grani Industries reached a 52-week-high of Rs 349 in the afternoon session and closed with an upside gap of 2.56% at Rs 348.50 apiece after the company declared a record date for share buyback.

The company has declared share buyback of up to 6,97,000 fully paid-up equity shares of face value of Rs 10 each at Rs 385 per equity share for an aggregate amount not exceeding Rs 26,83,45,000. Considering the current market price, the buyback price is at a premium of 10.47%.

"This is in furtherance of our letter dated November 11, 2023 and December 22, 2023, informing the decision of the board of directors and the Members of the Company, respectively, to buyback up to 6,97,000 (Six Lakhs Ninety Seven Thousand) fully paid-up equity shares of face value of Rs 10 each at Rs 385 (Rupees Three Hundred and Eighty Five only) per equity share for an aggregate amount not exceeding Rs 26,83,45,000 (Rupees Twenty Six Crores Eighty Three Lakhs and Forty Five Thousand only) excluding transaction costs, applicable taxes and other incidental and related expenses ("Buyback")," said Elegant Marbles & Grani Industries in a stock exchange filing.

While announcing the record date for the buyback purpose, the company informed to the exchanges on Friday that "Pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Regulation 9(i) of the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended, the Company has fixed Friday, January 05, 2024, as the Record Date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the Buyback."

Elegant Marbles & Grani Industries Share Price History

The stock price went up from Rs 148.25 to the current market price during the previous five years, resulting in a 142% multibagger return. The stock price climbed from Rs 60.50 to the current market price during the previous three years, yielding a 460.29% multibagger return. The stock price jumped from Rs. 112.75 to the current market price in the past year, delivering a 206% multibagger return. The stock price has gone up from Rs 115.55 to the current market price on a YTD basis, resulting in a multibagger return of 202.03% so far in 2023. The scrip reached a 52-week-high of Rs 349.00 on (22/12/2023) and a 52-week-low of Rs 99.25 on (03/04/2023).