Mastek has soared 13% to Rs 206 on BSE ahead of board meeting today to consider the share buyback proposal.
“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, the mid-cap IT software company 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 185 and hit a high of Rs 208 on the BSE. The counter has seen heavy activity with a combined 2.2 million shares have already changed hands till 0950 hours against an average sub 1 million shares that were traded daily in past two weeks on the BSE and NSE.
Meanwhile, the stock has rallied 31% in past four trading sessions from Rs 157 on January 2, after the company announced that its board will meet to discuss the share buyback proposal. The benchmark S&P BSE Sensex has fall nearly 1% during the same period.
“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, the mid-cap IT software company 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 185 and hit a high of Rs 208 on the BSE. The counter has seen heavy activity with a combined 2.2 million shares have already changed hands till 0950 hours against an average sub 1 million shares that were traded daily in past two weeks on the BSE and NSE.
Meanwhile, the stock has rallied 31% in past four trading sessions from Rs 157 on January 2, after the company announced that its board will meet to discuss the share buyback proposal. The benchmark S&P BSE Sensex has fall nearly 1% during the same period.
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