Route Mobile share price fell in early trade on June 29 after the board approved buyback of shares.
The Route Mobile board at its meeting on June 28 approved the buyback at a price up to Rs 1,700 per share and for an aggregate amount up to Rs 120 crore, as per a release.
The maximum number of shares bought back would be 705,882 which is 1.12% of the total number of paid-up shares of the company.
The maximum buyback size represents 9.95 and 7.31 percent of the total paid-up equity share capital and free reserves of the company, respectively.
At 09:23 hours Route Mobile was quoting at Rs 1,265.05, down Rs 63.65 or 4.79 percent on the BSE.
The share touched a 52 week high of Rs 2,388.10 and a 52 week low of Rs 1,052.60 on 12 October 2021 and 23 June 2022 respectively.
Currently, it is trading 47.03 percent below its 52 week high and 20.18 percent above its 52 week low.
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