Financial Daily from THE HINDU group of publications
Saturday, Jan 14, 2006
Financial Daily from THE HINDU group of publications Saturday, Jan 14, 2006 |
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Info-Tech
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Software Corporate - Buyback Infomedia board okays 14 per cent equity buyback Our Bureau
Mumbai , Jan. 13 INFOMEDIA India Ltd has said that its board has approved a buyback of shares up to 14 per cent of the company's equity at Rs 245 per share. The company said the buyback would be across the board from all shareholders. These shares bought back will be cancelled. Infomedia had recently announced the acquisition of Keyword Group Ltd and Cepha Imaging Pvt Ltd and a joint venture with Reed Elsevier to pursue inorganic growth. "After committing funds towards these strategic ventures, the company is desirous of returning the surplus funds to its shareholders and restructuring its capital base. This initiative is also aimed at increasing shareholders' value," the company said in a notice to the Bombay Stock Exchange. "The shareholders holding less than 50 equity shares per ledger folio/client ID will have an option to tender their entire holdings over and above 14 per cent of their shares, at the consideration of Rs 245 per share," the company said. The buyback is not expected to change the shareholding pattern of the company significantly. Shares of Infomedia moved up by Rs 18.30 to Rs 227.65 on the BSE.
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