MUMBAI,March 29,Tuesday-Excel industries gained closely 9% intraday after securing board approval for buyback of equality shares. The Chemical Manufacturer says, “Board of directors, on March 28,have approved buyback of fully paid-up equity shares of face value of Rs .5 each at a price not exceeding Rs.275 /equity share”.

Excel decided to buy back shares for ultimate rate of Rs.18 crore, which is subject to maximum of 11,50,000 equity stock holder.

At 09:38 hours IST, the scrip of Excel Industries was quoting at Rs 216.50, up Rs 15.30, or 7.60 percent amid high volumes on Bombay Stock Exchange Excel Industries is engaged in the manufacture of a range of specialty and performance chemicals.