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Shares of auto component-maker Amtek Auto surged over 5 per cent in morning trade on the BSE today after the company said it will buy back shares worth up to Rs 291 crore through open market transactions.
The buyback announcement was made after the market close yesterday.
After a robust opening, the company’s stock rose further by 5.66 per cent to touch an early high of Rs 146.35 on the BSE.
On the volume front, 1.20 lakh shares of the company were traded on the BSE till 11.10 a.m.
At a meeting held yesterday, the company’s board approved the buyback of shares for a sum not exceeding “10 per cent of the total paid-up equity capital and free reserves of the company as on June 30, 2010.”
In a filing to the Bombay Stock Exchange, the company said it will buy back shares “at a price not exceeding Rs 200 a share payable in cash for an aggregate amount not exceeding Rs 291 crore.”
The stock was later trading at Rs 142.40 on the BSE, up 2.82 per cent from its previous close.
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