S Mobility is locked in upper circuit of 5% at Rs 37.10 on NSE after its board approved buyback of the company’s shares at maximum price of Rs 75 per share.
S Mobility will buyback a maximum of 11 million equity shares for an aggregate amount not exceeding Rs 60 crore from the open market through stock exchange mechanism, the company said in a filing.
As on March 31, 2013, the promoter held 71.17% stake in the company. The foreign institutional investors held 4.89% stake, followed by individual shareholders (2.64%) and bodies corporate (1.41%), while the remaining 19.89% stake are with trusts and others.
Meanwhile, the stock has rallied 21% in past four trading sessions after the telecom equipment maker said that it board will consider a proposal for buy-back of equity shares of the company.
A combined 7,152 shares have changed hands on the counter and there are pending buy orders for 8,972 shares on NSE and BSE at 1056 hours.
S Mobility will buyback a maximum of 11 million equity shares for an aggregate amount not exceeding Rs 60 crore from the open market through stock exchange mechanism, the company said in a filing.
As on March 31, 2013, the promoter held 71.17% stake in the company. The foreign institutional investors held 4.89% stake, followed by individual shareholders (2.64%) and bodies corporate (1.41%), while the remaining 19.89% stake are with trusts and others.
Meanwhile, the stock has rallied 21% in past four trading sessions after the telecom equipment maker said that it board will consider a proposal for buy-back of equity shares of the company.
A combined 7,152 shares have changed hands on the counter and there are pending buy orders for 8,972 shares on NSE and BSE at 1056 hours.
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