MRO-TEK buyback at Rs 55/shr

MRO-TEK has announced a buyback of up to 25,60,000 equity shares of Rs 5 each at Rs 55 per share.

According to a release issued by the company to the BSE today, the buyback will be for 12.34% of the total existing paid-up equity capital comprising of 2.07 crore shares of Rs 5 each.

"The consideration for shares to be bought back will not exceed Rs 8.25 crore, which will be 9.81% of the paid-up equity share capital and free reserves based on the audited accounts as on March 31, 2006," the release added.

The buyback will open on May 21, 2007, and acceptance of shares would be within seven days of the relevant pay out dates of the respective stock exchanges. The shares would be extinguished within 15 days of acceptance, the release said.

The stock was up over 4% at Rs 49 on the BSE at 1330 hrs with volume zooimg to 1.26 lakh shares as against the two-week average of 26,430 shares.