Business Daily from THE HINDU group of publications
Tuesday, Mar 25, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Mar 25, 2008 ePaper | Mobile/PDA Version |
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Info-Tech
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Buyback Prithvi Info mulls partial buy-back Our Bureau Hyderabad, March 24 Prithvi Information Solutions Ltd, the Hyderabad-based IT services provider, is considering partial buy-back of the company shares listed on the Indian bourses. The Managing Director of Prithvi Info, Mr V Sathish Kumar, told Business Line that this is part of its effort to increase the company stake when the stock prices are extremely attractive. A meeting of the company board has been convened for March 31, and the process by which these shares would be bought would be taken up. This could be either through an open offer or through tender of shares. This will also help protect the interests of some small investors. “The company promoters currently hold about 33 per cent and the rest is with public. We may consider a buyback of about 10 per cent that is about 22 to 25 lakh shares. And the funds for this could come through internal accruals as the company has over Rs 200 crore in cash reserves,” he said. Hyderabad campusThe company’s Hyderabad campus is getting ready and is likely to be opened by August this year. Asked about the company business, Mr Sathish Kumar said “the company was on course to achieving revenues of about Rs 1,100 crore during the current fiscal and is also in the process of evaluating couple of buy outs due to attractive valuations in the market. These could be completed within next quarter.” The company shares ended the day lower at Rs 140.75 against the previous close of Rs 154.45. The company’s 52-week high and low were Rs 356.40 and Rs 133.75, respectively on the NSE. More Stories on : Buyback | Software
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