Financial Daily from THE HINDU group of publications
Friday, Jun 14, 2002
Financial Daily from THE HINDU group of publications Friday, Jun 14, 2002 |
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Info-Tech
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Software Corporate - Buyback Digital rules out near-term buyback Our Bureau
BANGALORE, June 13 SOFTWARE services firm Digital Globalsoft Ltd has no plans to go in for a buy-back of its equity shares in the near future, according to company sources. Despite repeated attempts, the official spokesman of the company could not be contacted. There is ``nothing significant'' in the proposed resolution to seek shareholder approval for a buy-back of shares at its forthcoming annual general meeting scheduled on July 23, the sources said. Digital is 51 per cent owned by Compaq Computers, which recently merged with Hewlett PackardIn April, Digital GlobalSoft executives had clarified that the company would continue as a listed company while reacting to rumours to the contrary. ``It (the proposed buy-back) seems a remote possibility,'' a technology analyst with a top domestic brokerage firm said. The current cash reserve estimated close to Rs 200 crore is not likely to sustain a buy-back, he added. ``Even part-buy back does not sound logical,'' he noted. An analyst with UBS Warburg said the proposal to increase the limit for foreign institutional holding to 49 per cent was likely to increase the stock's weightage in the Morgan Stanley Capital International (MSCI) index.
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