The stock of Maharashtra Seamless jumped nearly 10 per cent on Tuesday after the company's board approved a buyback plan.

Maharashtra Seamless was quoting at Rs 236, up 9.8 per cent, at 12.15 p.m IST. It touched an intra-day high of Rs 241.80 and a low of Rs 225.45.

The company on Monday informed the exchanges that its board approved the buyback of fully paid up equity shares of Rs 5 each, at a price not exceeding Rs 300 a share. The amount is payable in cash and the buyback will not exceed an aggregate amount of Rs 100 crore, which is within 10 per cent of the paid-up capital and free reserves of the company as per audited accounts for the financial year ended March 31.

The buyback shall be from the open market through stock exchanges.

(This article was published on April 9, 2013)
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