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Our Bureau

Bangalore, March 20

With its stock price falling below its current book value, MRO TEK proposed to go in for a buyback of its equity shares at the prevailing market price.

MRO TEK in a notice to the stock exchanges said Tuesday that its board of directors would meet on March 30 to consider a buyback at prevailing market rates through the stock exchange mechanism. MRO TEK's Chief Financial Officer, Mr R. Ramaswamy said the company proposed to fund the buyback through internal accruals, Mr Ramaswamy said. Shares of MRO TEK rose some 20 per cent on the BSE on Tuesday to close at Rs 48.05. The MRO TEK stock has gained some 16 per cent in the past week. Promoters held 35.78 per cent stake in the company, while the public shareholding stands at 64.22 per cent as of December 31, 2006.

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MRO TEK mulls shares buyback

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