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.