Mastek gains on buyback plans

The board has approved the buyback of maximum 3.2 million shares at a maximum of Rs 175 per share

Mastek has locked in 5% upper circuit at Rs 142 after the board of directors of information technology (IT) company approved share buyback at a maximum buyback price of Rs 175 per share.

“The board of directors of the company has approved the buyback of maximum 3.2 million equity shares at a price not exceeding Rs 175 per share for an amount not exceeding Rs 36 crore,” Mastek said in a filing.

As on September 30, the promoters hold 42.58% stake in the company, while the remaining 57.42% holding are with the foreign institutional investors (17.27%), domestic institutional investors (12.45%) and others including individual shareholders (27.70%).

 

A combined 12,099 shares have already changed hands on the counter and there are pending buy orders for 35,749 shares on the BSE and NSE.