OnMobile Global rallies on share buyback plan
The stock locked in upper circuit of 5% at Rs 69.85 on BSE.
 "OnMobile Global rallies on share buyback plan")
OnMobile Global has locked in upper circuit of 5% at Rs 69.85 on BSE in otherwise subdued market after the company announced share buyback plan.
“The board of directors of the company will meet on December 11, 2014, to consider and approve, a proposal for buy back of securities of the company,” OnMobile Global said in a statement.
Till 1050 hours, a combined 543,117 shares changed hands and there are pending buy orders for 863,865 shares on NSE and BSE.
As of September 2014, the promoters held 48.68% stake in the telecom services provider. The individual shareholders held 30.62% stake, followed by bodies corporate (11.25%), foreign institutional investors (6.05%), while the remaining 3.4% stake are with the non-resident Indians and others.
Meanwhile, Citigroup Global Market Mauritius had bought 624,679 shares of OnMobile Global at price of Rs 50.24 per share via open market.
“The board of directors of the company will meet on December 11, 2014, to consider and approve, a proposal for buy back of securities of the company,” OnMobile Global said in a statement.
Till 1050 hours, a combined 543,117 shares changed hands and there are pending buy orders for 863,865 shares on NSE and BSE.
As of September 2014, the promoters held 48.68% stake in the telecom services provider. The individual shareholders held 30.62% stake, followed by bodies corporate (11.25%), foreign institutional investors (6.05%), while the remaining 3.4% stake are with the non-resident Indians and others.
Meanwhile, Citigroup Global Market Mauritius had bought 624,679 shares of OnMobile Global at price of Rs 50.24 per share via open market.