Selan Exploration Technology rises on share buyback plans

The board will meet on September 08, 2012, to consider the proposal for buyback of equity shares

Selan Exploration Technology has soared 11% to Rs 294 after the company announced  buyback of its own equity shares from existing shareholders other than promoters.

“The board of directors of the company will meet on September 08, 2012, to consider the proposal for buyback of equity shares,” Selan Exploration said in a filing.

As of June 30, the promoters held 41.76% stake in the company. The individual public shareholders held 42.44% stake, non-resident Indians and other corporate bodies and bodies corporate held 15.14% stake, while the remaining 0.66% stake are with the mutual funds and foreign institutional investors.

The company has outstanding equity of Rs 16.99 crore and total reserves of Rs 191 crore.

The stock opened at Rs 268 and touched high of Rs 301 on the NSE. As many as a combined 362,180 shares have changed hands on the counter till early noon deals against an average sub 50,000 shares that were traded daily in past two weeks.