Tech Mahindra gains as board approves buyback

Tech Mahindra rose 2% to Rs 827.95 at 14:29 IST on BSE after the company's board of directors approved the proposal for buyback of equity shares at Rs 950 per share.

The announcement was made during market hours today, 21 February 2019.

Meanwhile, the S&P BSE Sensex was up 203.79 points, or 0.57% to 35,960.05

On the BSE, 5.93 lakh shares were traded in the counter so far compared with average daily volumes of 1.39 lakh shares in the past two weeks. The stock had hit a high of Rs 840.10 and a low of Rs 809.70 so far during the day.

Tech Mahindra said the company's board of directors approved the proposal for buyback of equity shares not exceeding 20,585,000 equity shares (being 2.10% of the total paid-up equity capital of the company) from the equity shareholders of the company as on 6 March 2019 (Record Date) at Rs 950 per share, for an aggregate amount not exceeding Rs 1956 crore on a proportionate basis through the tender offer route.

Tech Mahindra's consolidated profit after tax rose 13% to Rs 1203 crore on 3.6% rise in revenue to Rs 8944 crore in Q3 December 2018 over Q2 September 2018.

Tech Mahindra is a leading provider of digital transformation, consulting and business re-engineering services and solutions.

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