Avantel Limited has rallied 10% to Rs 55 after the company announced plans to buy back its own equity shares from exiting shareholders.
“The board of directors of the company will meet on October 13, 2011, to consider and approve the proposal for buyback of equity shares of the company," the telecom equipment company said in a filing to the stock exchanges.
The board will also consider the un-audited financial results for the quarter and half-year ended September 30, 2011, it added.
The stock opened at Rs 49.90 and touched a high of Rs 56 on the BSE. A total of around 5,847 shares changed hands on the counter till 1244 hours, against an average sub-1,000 shares traded daily in the past two weeks.