Small Cap Textiles Shares Hits 52-Week High After Company Increase Buyback Price

The shares of Siyaram Silk Mills today hit 52-week high after rallying nearly 8% on the BSE after the company on September 14, raised the shares buyback price to Rs 720 per equity share from Rs 650. However, the company intends to purchase up to 14,99,992 fully paid-up equity shares, or 3.20% of its total equity shares, as opposed to the 16,61,530 shares that were first proposed.

The company in a letter dated August 12, 2023 informing the stock exchanges that the Board of Directors of the Company had approved the Buyback of the equity shares, and a letter dated August 17, 2023, submitted the public announcement for the Buyback of equity shares of the Company.

"The Buyback Price has been increased from ₹ 650/- (Rupees Six Hundred Fifty only) per Equity Share to ₹ 720/- (Rupees Seven Hundred Twenty Only) per Equity Share; and the maximum number of Equity Shares proposed to be bought back by the Company has been reduced from 16,61,530 (Sixteen Lakhs Sixty One Thousand Five Hundred Thirty) fully paid-up Equity Shares to 14,99,992 (Fourteen Lakhs Ninety Nine Thousand Nine Hundred Ninety Two) Equity Shares representing 3.20% of the total number of Equity Shares of the Company," the company stated in an exchange filing.

Siyaram Silk Mills's stock on Friday closed 4.20% higher at Rs 613.40 apiece on the BSE. It hit 52-week high at Rs 633.80 apiece and 52-week low at Rs 610.50 apiece.

The stock gained 2.92% in the last 1 week, and 16.39% in the last 1 month. It gained 34.53% in the last 1 year, 322.45% in the last 3 years, and 15.55% in the last 5 years, respectively. The company has a market cap of Rs 2,875.01 Crore.

Siyaram Silk Mills Ltd. is a small cap Textile manufacturing company. The company is engaged in manufacturing fabrics and readymade garments, especially in the men's wear section. The Company exports to countries like Abu Dhabi, Australia, Bahrain, Bangladesh, Cambodia, Canada, etc.