Archidply to buy back at ₹37/share

The board of Archidply Industries on Wednesday approved a buyback proposal worth ₹8.14 crore. The company board has approved a buyback of up to 22 lakh shares, representing 9.97 per cent of the total paid-up equity capital of the company, at ₹37 a share. The buyback will be on a proportionate basis through tender offer from all the shareholders of the company who hold the shares as of Januarh 18, the record date. The board also noted the intention of the promoters and promoter group of the company to participate in the buyback. Shares of Archidply closed slumped 8.8 per cent at ₹39.80 on the BSE.