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Bangalore, March 9 Mro Tek has announced its intention to buy back its fully paid-up equity shares of the face value of Rs 5 each though the open market.

The company intends to buy 22 lakh shares at a price not exceeding Rs 25 an equity share.

According to a company official, post buyback, the company’s stake will go up by 5 per cent, the maximum allowed under the SEBI rules whenever the stock price dips. The company’s shareclosed weak at Rs 17 on Monday against Friday’s close of Rs 17.20.

The maximum buyback price of Rs 25 a share offers a premium of approximately 12.11 per cent over the closing price on February 24 at BSE and 11.86 per cent over the closing price on the same day at NSE.

The buyback will start on March 19 with the process expected to be completed by February 2010 or when the company has completed the mop up of its intended 22 lakh shares or exhaustion of the Rs 5 crore allocated for the purpose.

More Stories on : Stocks | Buyback | Hardware

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