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Aptech shares rallied by about 8.4 per cent after the company fixed the maximum buyback price at Rs 82 which is at a steep premium to the current market price.
The stock was trading at Rs 63.30, a gain of Rs 4.90 or 8.39 per cent on the BSE in the morning trade.
The company has announced that its board of directors has approved the buyback of equity shares from the open market up to 25 per cent of the capital and free reserves of the company as on March 31, 2013.
The maximum buyback price would be Rs 82 per share and the aggregate consideration was Rs 64.66 crore.
The maximum price of Rs 82 is a shade lower than the 52-week high price of Rs 81.90 that the stock touched on the BSE on July 5, 2012. The stock has recovered smartly from its 52-week low of Rs 40.15 that it hit on March 22, 2013.
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