Maharashtra Seamless has opened higher by 3.5% to Rs 211 on BSE, in otherwise weak market, after the company said its board will consider share buyback proposal.
“The board of directors of the company will meet on April 08, 2013 to consider a proposal for buy-back of equity shares of the company,” Maharashtra Seamless said in a BSE filing.
The buy-back will be implemented with the approval of the board of the company and all other applicable statutory approvals, it added.
As on December 2012, the promoters held 55.48% stake in the construction and engineering company. Foreign institutional investors have 15.32% holding, domestic institutional investors (DIIs) held 10.51%, while the remaining 18.69% stake are with the individual shareholders and others.
A combined around 4,000 shares have changed hands on the counter on BSE and NSE.
“The board of directors of the company will meet on April 08, 2013 to consider a proposal for buy-back of equity shares of the company,” Maharashtra Seamless said in a BSE filing.
The buy-back will be implemented with the approval of the board of the company and all other applicable statutory approvals, it added.
As on December 2012, the promoters held 55.48% stake in the construction and engineering company. Foreign institutional investors have 15.32% holding, domestic institutional investors (DIIs) held 10.51%, while the remaining 18.69% stake are with the individual shareholders and others.
A combined around 4,000 shares have changed hands on the counter on BSE and NSE.
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