AIA Engineering shares gain over 5% after board approves share buyback worth ₹500 crore; check details

AIA Engineering informed the exchanges that its board of directors approved the buyback of up to 10 lakh fully paid-up equity shares of face value of ₹2 each by the company, representing 1.06% of the total number of equity shares of the company.

The buyback will be conducted at a price of ₹5,000 per equity share, payable in cash for a total consideration not exceeding ₹500 crore. The company also mentioned in the filing that the record date for the buyback of shares is August 20, 2024.

The company informed the exchanges via a separate filing on August 7 that its board of directors has changed the record date for the payment of dividends to August 20, 2024. The company announced that it will pay a dividend of ₹16 per share with a face value of ₹2 apiece for the financial year 2023-24.

Earlier on July 2, the company said that Vega Industries (Middle East) FZC, a wholly owned subsidiary of AlA Engineering Limited, incorporated a wholly owned step-down subsidiary, Vega Middle East (DFTZ) FZE in the United Arab Emirates. The company has a paid-up capital of 25 shares of AED 1000 each.

AIA Engineering designs, develops, produces, installs, and services high-chromium parts for grinding equipment in the cement, mining, and quarry industries.

AIA Engineering Limited shares closed flat at ₹4,481 apiece on the NSE.