Sandesh Limited has locked in upper circuit of 20% at Rs 331 after the company engaged in publishing newspapers announced buyback of equity shares.
“The board of directors of the company will meet on January 16, 2013, to consider the proposal for buyback of equity shares of the company and constitution of buyback committee,” Sandesh said in a statement.
According to the data available on the BSE, the promoters currently hold 66.49% stake in the company, including Bennett Coleman & Company, corporate bodies hold 22.43% stake, while individual shareholders held 9.58% stake as of December 31, 2012.
The stock opened at Rs 294 and has seen around 14,000 shares changing hands so far. There are pending buy orders for 12,050 shares on both the exchanges.