Business Daily from THE HINDU group of publications
Tuesday, Sep 09, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Sep 09, 2008 ePaper | Mobile/PDA Version | Audio |
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Info-Tech
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Software Markets - Buyback Our Bureau Mumbai, Sept. 8 Technology firms Valiant Communications and R Systems on Monday said their respective company boards have approved the buyback of shares from the capital markets. Officials of both companies told Business Line that the current stock prices do not reflect the firms’ fundamentals and hence they decided to increase their holdings through a buyback. Valiant Communications has announced a buyback of shares up to Rs 3.14 crore at a price not exceeding Rs 32 a share that represents 10 per cent of the paid-up equity share capital of the New Delhi-based company and its free reserves. The Valiant stock has been trading in the Rs 23 to Rs 28 range in the last one month. “We believe that the fair value of our business, including our property, technology and our overall business, is in the Rs 60 to Rs 70 range,” Mr Manish Kumar, Company Secretary and Head-Corporate Affairs, said. Reacting to the development, the Valiant stock was up by 8.95 per cent to Rs 28. The Noida-based R Systems International said it will buy back shares up to Rs 80 crore. The total number of shares for buyback will not exceed 1,306,941 equity shares and the buyback price per equity share will not exceed Rs 150. The R Systems stock was down by 0.69 per cent to close at Rs 93.05 on the BSE on Monday. More Stories on : Software | Buyback
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