Lakshmi Machine Works (LMW) is trading 3% higher at Rs 2,043, after the company announced buyback of equity shares. The Board of Directors will meet on July 28, 2010, to consider the proposal.
 
The company's current equity is Rs 12.37 crore, having face value of Rs 10 per share and had total reserves of Rs 908 crore, including Rs 237 crore general reserves as on March 31, 2010.
 
The promoters hold 25.82% stake, institutional investors includes mutual funds, financial institutions, insurance companies and foreign institutional investors have combined holds 20.21% stake in the company.
 
Individual shareholders (20.42%) and bodies corporate (16.02%) are other major shareholders hold more than 15% holding, while the remaining 17.53% stake hold by foreign corporate bodies, Hindu Undivided Families and non-resident Indians.