R Systems soars 15% as board to consider share buyback proposal

Buyback is a corporate action in which a company buybacks its shares from the existing shareholders usually at a price higher than the market price

Shares of R Systems International soared 15 per cent to Rs 211.45, also its 52-week high on the BSE in intra-day trade on Friday after the information technology (IT) consulting & software company announced that its board will consider share buyback proposal in their forthcoming board meeting. In the past one month, the stock rallied has 36 per cent, as compared to a 0.48 per cent rise in the S&P BSE Sensex.

“The board of directors of the company is scheduled to meet on August 06, 2021, to consider the proposal for buyback of equity shares of the company, quantum &