Mobile Internet firm S Mobility Ltd Friday said its Board has approved a proposal to buy back shares worth up to Rs 60 crore.
New Delhi: Mobile Internet firm S Mobility Ltd Friday said its Board has approved a proposal to buy back shares worth up to Rs 60 crore.
The buy back will commence on July 10, 2013, the company said in a filing to the BSE.
"Last date for buy back is June 18, 2014 or when the company completes the buy-back to the extent of 11,000,000 equity shares under the offer or upon exhaustion of Rs 60 crore set aside for buy-back, whichever is earlier," the filing added.
As per the proposal, S Mobility will buy back its equity shares, having face value of Rs 3 each, from the open market at a price not exceeding Rs 75 per share.
"The buy-back will be implemented by the company through the methodology of 'Open market purchases through Stock Exchanges' using the electronic trading facilities of the BSE Limited and the National Stock Exchange of India Limited," the filing said.
Shares of the company rose 4.90 percent to end at Rs 38.55 on the BSE.