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.

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.