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Promoters held 0.0 per cent stake in the company as of 31-Dec-2021, while FII and DII ownership stood at 18.02 per cent and 2.86 per cent, respectively.

The scheme does not involve cash consideration and existing shareholders will receive two fully paid-up equity shares of the resulting company for every one equity share of the demerged company (Saregama India).

The stock traded at a P/E multiple of 10.13, while the price-to-book value ratio stood at 4.16.

The Nifty Bank index was trading 0.36 per cent up at 36464.35.

Axis Bank Ltd., incorporated in the year 1993, is a banking company (having a market cap of Rs 233249.66 Crore).

“The black horse in the metal space could be Vedanta where concerns over debt, the holding company are gradually receding and with better corporate governance standards, more transparency, better communication, one may see a re-rating of the stock and pure focus on mining and metals. That makes Vedanta quite special and that company also is expanding its capacities rapidly in a very low cost, mostly brownfield projects. ”

The plan, it told exchanges, is to buyback shares, not exceeding 5,69,85,463 fully paid up equity shares of face value of Rs 10 each at a price of Rs 190.

A total of 9,288 shares changed hands on the counter till 11:52AM (IST).

The capex plan includes $4.5-4.8 billion of investments in US-based subsidiary Novelis. It included the first $2.5 billion greenfield project in the US in 20 years.

“We are operating in a stagflationary environment. Globally, monetary liquidity is coming down. I appreciate the rally today and we remain constructive on India. Let us acknowledge that there are some dark storm clouds on the horizon. However, India is now in a far better position to weather the dark storm clouds than they have been in the past,” says Michael Dommermuth.