Vardhman Acrylic: Progress in Buy Back

A review of Data since 01-04-2010 is a revealing in the following Table & show utter disgust of the shareholders. It had a long history of being traded below the face value of rs. 10/-. But for recent buy back by the Company, it was a 'heart burn' to all shareholders.

Price { }	Days	Date	Average	Average Traded	Deliverable	% Dly Qt to
			Price	Quantity	Av Qty	Traded Qty
< 8.00	60	8-May-12	7.45	48845	44694	91.50
< 9.00	127	22-Jun-12	8.40	54691	47743	87.30
< 10.00	64	26-Jun-12	9.29	86049	76323	88.70
< 11.00	109	29-Jun-12	10.42	81505	68169	83.64

Date	Number of shares	Deliverable	Others	BB_Qty to	Average	Buy Back
	at NSE	Qty	Qty	Deli_Qty	Price	Rate

22-Jun-12	32971	46441	13470	71.00	8.89	8.93
25-Jun-12	0	19049	19049	0.00	9.13
26-Jun-12	335826	352526	16700	95.26	9.75	9.78
27-Jun-12	186788	205602	18814	90.85	10.11	10.13
28-Jun-12	284409	393537	109128	72.27	10.41	10.45
29-Jun-12	374050	463432	89382	80.71	10.82	10.90

Shareholders are so skeptic of the management's declaration of buy back at a price of maximum rs.12.50, that a numbers of them tendered shares below rs.9 even. Surprisingly, a few investors kept buying ahead of daily buy back rate & collectively gathered 6,12,369 shares. Their interventions forced the Company to raise the BB rate from an average of rs. 8.65 (till 22nd June 2012) to rs. 9.78 on 26th, 10.13 on 27th, 10.45 on 28th & 10.9 on 29th instant.

So far a total of 19,43,011 shares had been bought back, and another 30,56,989 shares must be bought back below rs.12.50 to fulfil the minimum quantaty requirement.

For my earlier post      http://lalitlk-lalit-lk.blogspot.in/2012/06/vardhman-acrylics-fixed-deposit-like.html