 "Infinite Computer Solutions gains on share buyback proposal")
Infinite Computer Solutions (India) was trading higher by 7% to Rs 215 on the BSE after the company announced that its board will meet on Wednesday, August 24, 2016 to consider a share buyback proposal.
“A proposal for buyback of equity shares through tender offer route, up to such amount of the aggregate of company’s paid up equity shares capital and free reserves will be placed before the board on August 24, for consideration and approval,” Infinite Computer Solutions said in a regulatory filing.
Earlier on August 9, the IT consulting & software company had said that the board will consider and approve the audited financial results of the company for the quarter ended June 30, 2016.
As of June 30, 2016, the promoter held 74.87% stake in Infinite Computer Solutions. Individual shareholders have 14.56% holding, while foreign individuals or NRI and foreign institutional investors (FII) collectively held 7.97% stake, the data shows.
The stock hit an intra-day high of Rs 217 on the BSE so far. A combined 167,339 shares changed hands on the counter on the BSE and NSE till 12:07 pm.
Thus far in 2016, the stock had underperformed the market by falling 7%, as compared to 7.5% rise in the benchmark S&P BSE Sensex, till yesterday.
“A proposal for buyback of equity shares through tender offer route, up to such amount of the aggregate of company’s paid up equity shares capital and free reserves will be placed before the board on August 24, for consideration and approval,” Infinite Computer Solutions said in a regulatory filing.
Earlier on August 9, the IT consulting & software company had said that the board will consider and approve the audited financial results of the company for the quarter ended June 30, 2016.
As of June 30, 2016, the promoter held 74.87% stake in Infinite Computer Solutions. Individual shareholders have 14.56% holding, while foreign individuals or NRI and foreign institutional investors (FII) collectively held 7.97% stake, the data shows.
The stock hit an intra-day high of Rs 217 on the BSE so far. A combined 167,339 shares changed hands on the counter on the BSE and NSE till 12:07 pm.
Thus far in 2016, the stock had underperformed the market by falling 7%, as compared to 7.5% rise in the benchmark S&P BSE Sensex, till yesterday.