Mastek hits 52-week high on share buyback plan
The stock has rallied over 9% to Rs 177 on the BSE.
Mastek has rallied 9% to Rs 177 in early morning deals on the BSE after the company announced a share buyback proposal.
The board of mid-cap IT software products maker is scheduled to meet on Wednesday to consider buyback of equity shares.
The board of mid-cap IT software products maker is scheduled to meet on Wednesday to consider buyback of equity shares.
A meeting of the board of directors of the company will be held on January 08, 2014, to consider a proposal of buyback of equity shares of the company, Mastek said in a regulatory filing.
Currently, the promoters held 46.70% stake in the company. Individual shareholders held 26.1% stake followed by foreign institutional investors (16.14%), domestic institutional investors (7.65%), while the remaining 3.41% stakes are with the bodies corporate and others.
The stock opened at Rs 171 and touched high of Rs 179, also its 52-week high on the BSE. A combined around 140,000 shares have changed hands on the counter till 0918 hours on the BSE and NSE.