Maharashtra Seamless rallies on board nod for share buyback
The board approved Rs 100 crore share buy back at a price not more than Rs 300 per share through the open market.
Maharashtra Seamless has rallied as much as 10% to Rs 236 in morning trades on BSE after its board approved Rs 100 crore share buy back at a maximum price of Rs 300 per share through the open market.
“The board of directors approved the buy-back of fully paid up equity shares of the company of Rs 5 each, at a price not exceeding Rs 300 per equity share, payable in cash and not exceeding an aggregate amount of Rs 100 crore,” Maharashtra Seamless, the company engaged in construction and engineering business said in a BSE filing.
“The buyback is within 10% of the paid up capital and free reserves of the company as per audited accounts for the financial year ended March 31, 2012,” it added.
The buy-back shall be from the open market through stock exchange(s), the company said.
The stock opened at Rs 229 and has seen a combined 152,440 shares have changing hands on the counter so far on BSE and NSE.
“The board of directors approved the buy-back of fully paid up equity shares of the company of Rs 5 each, at a price not exceeding Rs 300 per equity share, payable in cash and not exceeding an aggregate amount of Rs 100 crore,” Maharashtra Seamless, the company engaged in construction and engineering business said in a BSE filing.
“The buyback is within 10% of the paid up capital and free reserves of the company as per audited accounts for the financial year ended March 31, 2012,” it added.
The buy-back shall be from the open market through stock exchange(s), the company said.
The stock opened at Rs 229 and has seen a combined 152,440 shares have changing hands on the counter so far on BSE and NSE.