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Bosch gains on share buyback plan

 

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters

 

  Bosch was trading higher by 4% at Rs 22,444 on the BSE in early morning trade after the company announced that its board will meet on Friday to consider buyback of equity shares.

“A meeting of the board of directors of the company will be held on July 01, 2016, to consider a proposal for buyback of the company's equity shares,” Bosch said in a BSE filing.

Robert Bosch GMBH, the promoter of Bosch, holds 71.18% stake in the company as of March 2016. Insurance companies include Life Insurance Corporation of India and General Insurance Corporation of India has held a combined 9.22% stake.