Geodesic rallies on board nod for share buyback

The buyback of the company?s equity shares at a maximum price of Rs 75 per share through stock exchange mechanism.

Geodesic has rallied 11% to Rs 58 after the board of directors approved the buyback of the company’s equity shares at a maximum price of Rs 75 per share.

“The board of directors of the company at their meeting held on November 27, 2012 has approved to buy back up to 25% of the equity shares of the company at a maximum buyback price of Rs 75 per share,” Geodesic said in a filing.

As on today, the promoters hold 25.35% stake in the company. Foreign institutional investors have 29.29% holding, while the remaining 44.55% sake are with the others, include individual shareholders (31.68%) and bodies corporate (9.39%), data shows. The stock of mid-sized information technology company have rallied over 50% in past three days on the BSE compared to around 3% rise in benchmark Sensex.

Today, the counter opened at Rs 53.50 and hit a high of Rs 59.50 in trades thus far. A combined 2.15 million shares have already changed hands on the counter till morning deals on both the exchanges.