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Shares of Mastek Ltd touched a new yearly high after the company announced buyback price at a near 25 per cent premium at the maximum to its current price.
The board of directors had on January 8 decided to buyback the company shares at a price not exceeding Rs 250 per equity share for an aggregate amount not exceeding Rs 54.50 crore from the open market through stock exchange mechanism.
Offer size
The programme would involve buyback of a maximum of 32,00,000 equity shares and a minimum of 9,50,000 equity shares. The offer size amounts to 14.92 per cent of the aggregate of the company’s paid-up equity capital and free reserves as on March 31, 2013.
The buyback would be implemented after requisite approvals.
The shares, which closed at Rs 199.45 yesterday, opened at Rs 204.95 and touched a 52-week high of Rs 214 before easing to Rs 207.55, a gain of 4.06 per cent. Nearly 9.9 lakh shares were traded in the first 30 minutes of trading.
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