Amtek Auto rises on board nod for share buyback

Amtek Auto has moved higher by 5% at Rs 144 after its board of directors approved buyback of the company's own equity shares from open market through stock exchanges at a price not exceeding Rs 200 a share.

“The board of directors of the company, at its meeting held on August 25, 2011, has approved buyback of the company's own equity shares for a sum not exceeding 10% of the total paid-up equity capital and free reserves of the company as on June 30, 2010," the company said in a filing to the stock exchanges.

The board has approved buy-back of the company's fully paid-up equity shares of Rs 2 each from the existing owners of shares from open market through stock exchanges at a price not exceeding Rs 200 per share payable in cash for an aggregate amount not exceeding Rs 291 crore, it added.

The stock opened at Rs 145 and touched a high of Rs 159 on the National Stock Exchange (NSE). A combined 470,012 shares have changed hands on the counter till 1007 hours.