Seamec board approves share buy back

The board of Seamec has considered and approved a proposal to buy back the company’s equity shares. The buyback will not exceed 25 per cent of the company’s share capital and it has fixed the price at ₹125 a share. The buyback will be conducted through the tender offer route on proportionate basis. The decision is subject to shareholder approval through a special resolution conducted via postal ballot, besides other regulatory compliances. The stock of Seamec climbed 5.26 per cent at ₹116.10 on the BSE.