Geodesic gallops on board nod for Share Buyback

The board has approved the share buyback proposal and authorized a committee to take steps to implement the buyback.

Geodesic Limited has locked upper circuit of 20% at Rs 42.15 after its board approved the share buyback proposal and authorized a committee to take steps to implement the buyback.

“The board has approved the proposal to buy-back of 25% of the equity shares of the company through open offer through stock exchanges and authorized a committee consisting of members of the board to take steps to implement the buy back,” the mid-cap IT firm said in a filing.

The board has also has submitted an application to the Reserve Bank of India seeking its approval to buyback its’ convertible bonds prior to the FCCB maturity in 2013.

 

Meanwhile, the company has reported 49% year-on-year (yoy) fall in its consolidated net profit at Rs 42.43 crore for the quarter ended June 30, 2012, due to fall in operational income. Net sales declined 18% at Rs 203 crore on y-o-y basis.

A combined 1.81 million shares have changed hands on the counter so far and there are pending buy orders 236,873 shares on the NSE and BSE.