Kale Consultants is trading higher by 4.4% at Rs 144 after announcing a share buyback programme that will commence on February 20, 2012 and close on January 13, 2013.
"The board of directors of the company has proposed to buyback of its equity shares at a price not exceeding Rs 160 per share, for an aggregate amount not exceeding Rs12.98 crore from the existing shareholders other than the promoters of the company. The buyback is from the open market using the electronic trading facilities of the stock exchanges. The maximum offer size represents 10% of the aggregate paid-up equity capital and free reserves of the company as on June 30, 2011," the mid-cap IT company sad in a filing to the stock exchanges.
A combined 20,000 shares have changed hands on the counter so far on the NSE and BSE.