OnMobile Global up 5% as board approves share buyback
The board approved buyback of shares through stock exchange mechanism, at a price not exceeding Rs 86 per equity share.
 "OnMobile Global up 5% as board approves share buyback")
OnMobile Global is locked in upper circuit of 5% at Rs 72.60 on BSE after the company said its board approved the buyback of equity shares of the company at a price not exceeding Rs 86 per share.
“The board of directors of the company at its meeting held on December 11, 2014, has decided on Buy-Back of Company’s equity shares of Rs 10 each from open market through stock exchange mechanism, at a price not exceeding Rs 86 per equity share payable in cash for an aggregate amount not exceeding Rs 49 crore,” OnMobile Global said in a statement.
At 0917 hours, a combined 530,014 shares changed hands and there are pending buy orders for 686,742 shares on BSE and NSE.
“The board of directors of the company at its meeting held on December 11, 2014, has decided on Buy-Back of Company’s equity shares of Rs 10 each from open market through stock exchange mechanism, at a price not exceeding Rs 86 per equity share payable in cash for an aggregate amount not exceeding Rs 49 crore,” OnMobile Global said in a statement.
At 0917 hours, a combined 530,014 shares changed hands and there are pending buy orders for 686,742 shares on BSE and NSE.