Infobeans Technologies jumped 13.29% to Rs 203.30 after the company's board approved a proposal to buyback equity shares worth upto Rs 10 crore.
The board of the IT company has approved a proposal to buyback upto 4,31,717 equity shares of the company, or 1.80% equity of the company, at Rs 232 each, aggregating to Rs 100,158,344.
The buyback price of Rs 232 each is at a premium of 29.28% compared with the scrip's closing price of Rs 179.45 per shares recorded on Friday (23 April 2021).
The board took note of the intention of members of the promoter and promoter group including the person in control of the company to participate in the proposed buyback.
As on 31 March 2021, the promoter and promoter group held 74.97% stake in the company while the remaining 25.03% stake was held by public shareholders.
InfoBeans Technologies is primarily engaged in software development services, specializing in business application development for web and mobile and operates.
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