FDC rises on share buyback plans

Board meet on May 26, 2012, to consider the buy back of equity shares of the company

FDC Limited has rallied 9% to Rs 82.90 after the company announced a buyback of its own equity shares from the existing public shareholders.

“The board of directors of the company will meet on May 26, 2012, to consider the buy back of equity shares of the company,” FDC said in a filing to the stock exchanges.

The board will also consider the audited results for the year ended March 31, 2012, it added. The promoters held 67% stake in the company at the end of March 31, 2012.

A combined 147,913 shares have changed hands in the counter in late morning deals on both the exchanges.