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The buyback announcement by the board of directors of OnMobile Global Ltd failed to set the stock on fire in the early morning trade on the BSE on Monday as the overall market sentiment was weak.
On September 3, the board approved the buyback of equity shares of Rs 10 each for an amount not exceeding Rs 25 crore from the open market through stock exchanges subject to a price cap of Rs 85 per equity share.
The total number of shares to be bought back would be a maximum of 40,00,000 shares and the maximum amount to be utilised in the buyback is less than 10 per cent of the total paid-up equity capital and free reserves of the company as on March 31, 2011.
But with the overall market under selling pressure, the buyback announcement did not have any impact on the share price, with the stock moving up by just 60 paise to trade at about Rs 63.95 at 9.50 am with about 1.03 lakh having been traded on the BSE.
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