Infinite Computer gains on board approval for share buyback proposal

The stock spurted 5% at Rs 171 after the board approved the buyback of shares at a maximum price of Rs 220 per share from the open market through stock exchanges.

Shares of Infinite Computer Solutions (India) are locked ast the upper circuit of 5% at Rs 171 on the BSE after the company announced that its board approved the buyback of shares at a maximum price of Rs 220 per share from the open market through stock exchanges.

The board of directors of the company at its meeting held on June 23, 2015, has approved the buy-back of company's fully paid-up equity shares of Rs 10 each from the existing owners of shares from open market through stock exchanges at a price not exceeding Rs 220 per share payable in cash for an aggregate amount not exceeding Rs 31 crore, Infinite Computer Solutions (India) said in a BSE filing.

The offer size represents 5.73% of the aggregate of the company's paid-up equity capital and free reserves as on March 31, 2015, it added.

Till 0952 hours, a combined 109,677 shares changed hands and there were pending buy orders for 177,698 shares on the BSE and NSE.