Mumbai: Shares of Infinite Computer Solutions surged 5 percent to touch the highest trading permissible limit for the day after its board approved buyback of shares.
The stock ended with a gain of 4.97 percent at Rs 171.20 -- its upper circuit limit on BSE.
At NSE, it surged 4.99 percent to Rs 171.30.
The company in a filing to the BSE said, the Board of Directors at its meeting on June 23, has approved buyback of company's fully paid up equity shares of Rs 10 each from existing owners of shares from open market through stock exchanges.
The company further said that the buyback will be at a price not exceeding Rs 220 per share payable in cash for an aggregate amount not exceeding Rs 31 crore.
The company had on June 18 informed BSE that a meeting of the Board of Directors will be held on June 23 to consider a proposal for buyback of equity shares.
Since then the stock has gained 12.5 percent.
Meanwhile, in the broader market, the BSE Sensex fell by 74.70 points to end at 27,729.67.
