Tech Mahindra surges as board approves buyback
The company plans to buyback around 2.10 per cent of it paid-up equity capital for not more than Rs. 1,956 crore. Following the announcement, the stock hit 52-week high on Thursday.
The offer price is fixed at Rs. 950 per share. Tech Mahindra will buyback not more than 20,585,000 share of the company, which is 2.10 per cent of its total paid-up equity capital. The company's board has approved that the buyback offer should not exceed Rs. 1,956 crore.
The pre-buyback promoter holding of the company was at 35.93 per cent as of February 15, 2019. Also, mutual funds hold 9.12 per cent shares in the companies.
The record date for the share buyback is March 6, 2019. The announcement regarding the process detail of the tender offer will be published on February 25, 2019, said the company's release on the bourses.
At 14:40 hours, the stock of Tech Mahindra Limited was quoting Rs. 826.75 per share, up by Rs. 15.00 or 1.85 per cent. The stock opened at Rs. 814.50 per share, and hit an intraday high of Rs. 840.10 per share, hereby breaching its 52-week high on Thursday on BSE.