Mastek has rallied 6% to Rs 211 on BSE after the company said it will buy back shares worth up to Rs 55 crore at a price not exceeding Rs 250 per share. The buyback should be through open market transactions.
In a meeting held on Wednesday, the company's board approved the buyback of shares for a sum not exceeding "14.92% of the total paid-up equity capital and free reserves of the company as on March 31, 2013."
In a filing to the Bombay Stock Exchange (BSE), the company said it will buy back the shares "at a price not exceeding Rs 250 per share payable in cash for an aggregate amount not exceeding Rs 54.50 crore."
Currently, the promoters held 46.70% stake in the company. Individual shareholders held 26.1% stake followed by foreign institutional investors (16.14%), domestic institutional investors (7.65%), while the remaining 3.41% stakes are with the bodies corporate and others.
Meanwhile, the stock has rallied 34% in past one week from Rs 157 on January 2, after the company announced that its board will meet to discuss the share buyback proposal.
In a meeting held on Wednesday, the company's board approved the buyback of shares for a sum not exceeding "14.92% of the total paid-up equity capital and free reserves of the company as on March 31, 2013."
In a filing to the Bombay Stock Exchange (BSE), the company said it will buy back the shares "at a price not exceeding Rs 250 per share payable in cash for an aggregate amount not exceeding Rs 54.50 crore."
Currently, the promoters held 46.70% stake in the company. Individual shareholders held 26.1% stake followed by foreign institutional investors (16.14%), domestic institutional investors (7.65%), while the remaining 3.41% stakes are with the bodies corporate and others.
Meanwhile, the stock has rallied 34% in past one week from Rs 157 on January 2, after the company announced that its board will meet to discuss the share buyback proposal.
