Geodesic jumps 20% on buyback approval
Shares of technology solutions provider Geodesic shot up 20% amid large volumes on Thursday after the board of directors have approved the proposal to buy-back of 25% of the equity shares through open offer.
August 17, 2012 / 17:18 IST
Shares of technology solutions provider Geodesic shot up 20% amid large volumes on Thursday after the board of directors have approved the proposal to buy-back of 25% of the equity shares through open offer.
In a meeting, the board also announced a dividend policy wherein dividend will be declared in AGM of shareholders and 14 to 18% of net profits will be distributed as dividend except in cases of availability of certain exceptional growth opportunities and buybacks.At 12:01 hours IST, the share was trading at Rs 42.15, up 19.91%. There were pending buy orders of 94,168 shares, with no sellers available.
Even its trading volumes increased 1,468% to 5,92,239 equity shares as compared to its 5-day average of 37,772 shares.
Market capitalisation of the company currently stands at Rs 379.95 crore. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
