The company on Tuesday after market hours said that a meeting of the board of directors of the company is scheduled to be held on Tuesday, January 15, 2019, to inter alia consider and approve the proposal for buyback of equity shares of the company.
R Systems maintains a strong financial position with a healthy cash balance Rs 190 crore to grow organic and inorganic as of September 30, 2018.
Most of the IT companies including Tata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies and Mindtree have all unveiled share buybacks in the past few years, as most are sitting on large amounts of cash with no commensurate investment plans.
At 10:52 am; R Systems International was trading 13 per cent higher at Rs 54 on the BSE. In comparison, the S&P BSE Sensex was up 0.52 per cent at 36,169 points. The trading volumes on the counter jumped multiple-fold with a combined 370,014 equity shares changed hands on the BSE and NSE so far.