The company made the announcement after market hours on Wednesday, 19 June 2013.
Meanwhile, the S&P BSE Sensex was down 385.52 points, or 2%, to 18,860.18.
On BSE, 231 shares were traded in the counter as against an average daily volume of 6,983 shares in the past one quarter.
The stock had hit a 52-week high of Rs 51.20 on 11 July 2012. The stock had hit a 52-week low of Rs 22.20 on 6 May 2013.
The stock was unchanged over the past one month till 19 June 2013, outperforming the Sensex, which fell 5.13% in the same period. The scrip had also outperformed the market in past one quarter, rising 27.50% as against Sensex's 1.25% rise.
The small-cap company has an equity capital of Rs 71.43 crore. Face value per share is Rs 3.
S Mobility said its board approved buying back a maximum of 1.10 crore equity shares of the company for an aggregate amount not exceeding Rs 60 crore from the open market through stock exchange mechanism at a price not exceeding Rs 75 per share.
The maximum buyback price of Rs 75 is 53.33% premium to the Wednesday's closing price of Rs 35. It is 51% higher than the ruling market price.
On a consolidated basis, S Mobility reported a net profit of Rs 2.20 crore in the quarter ended March 2013 compared with net loss of Rs 20 crore in the quarter ended March 2012. Net Sales fell 28.81% to Rs 393.90 crore in the quarter ended March 2013 over the quarter ended March 2012.
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