Aptech has rallied 7% to Rs 62.50 on BSE after the company said it has received the shareholders approval for share buyback proposal through postal ballot.
The stock opened at Rs 58.80 and hit a high of Rs 63.25 so far. A combined 420,606 shares have changed hands on the counter till 1042 hours on BSE and NSE.
The company had fixed the maximum buyback price at Rs 82 which is at a steep premium to the current market price.
The board of IT education firm at its meeting held on May 13, 2013, already approved the buyback of company’s equity shares from the open market up to 25% of the capital and free reserve of the company as per the audited accounts as on March 31, 2013.
“The maximum price of buyback of shares will be up to Rs 82 per share and the aggregate consideration for buyback will be up to Rs 64.66 crore,” the company said in a filing.
Meanwhile, the stock has outperformed the market by surging 38% since May 7, after company said its board will meet to consider the buyback proposal. The benchmark Sensex has down 2.2% during the same period.
The stock opened at Rs 58.80 and hit a high of Rs 63.25 so far. A combined 420,606 shares have changed hands on the counter till 1042 hours on BSE and NSE.
The company had fixed the maximum buyback price at Rs 82 which is at a steep premium to the current market price.
The board of IT education firm at its meeting held on May 13, 2013, already approved the buyback of company’s equity shares from the open market up to 25% of the capital and free reserve of the company as per the audited accounts as on March 31, 2013.
“The maximum price of buyback of shares will be up to Rs 82 per share and the aggregate consideration for buyback will be up to Rs 64.66 crore,” the company said in a filing.
Meanwhile, the stock has outperformed the market by surging 38% since May 7, after company said its board will meet to consider the buyback proposal. The benchmark Sensex has down 2.2% during the same period.
