Infinite Computer rises after board approved share buy-back plan

Infinite Computer Solutions (India) gained nearly 2% to Rs 94.20 after announcing the buyback of its own equity shares from the public shareholders.

“The Board of Directors of the Company at its meeting held on June 05, 2013, have 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 in accordance with the provisions of Section 77A, 77AA and 77B of the Companies Act, 1956 and the SEBI (Buy-Back of Securities) Regulations, 1998 at a price not exceeding Rs. 120/- per share payable in cash for an aggregate amount not exceeding Rs. 30 Crore,” Infinite Computer Solutions (India) said in a statement.

 The offer size represents 6.89% of the aggregate of the company's paid up equity capital and free reserves as on 31 March 2013.

Currently, the promoters hold 67.47% stake in the company. Individual investors hold 14.86% holding, followed by foreign institutional investors (10.48%), non-resident Indians (4.34%), bodies corporate (1.05%) and while remaining 1.8% stake is with others.

The stock opened at Rs 95 and has seen a combined 35,819 shares changing hands on the counter so far.