Geodesic gains on share buyback, dividend plans
The board of directors of the company scheduled to meet on November 27 to decide on buyback of equity shares.
Geodesic has surged 5% at Rs 40.60 ahead of its board meeting tomorrow to consider a share buyback proposal.
“The board of directors of the company is scheduled to meet on November 27, 2012 to decide on buyback of equity shares of the company,” the mid-sized IT company said in a filing.
The board will also consider recommendation of dividend on equity shares of the company, if any, it added.
The promoters currently hold 25.35% stake in the company. Foreign institutional investors have 29.29% holding, while the remaining 44.55% sake are with the others, include individual shareholders (31.68%) and bodies corporate (9.39%), data shows.
The stock opened at Rs 39.50 and touched high of Rs 41.25 on the BSE. A combined 215,359 shares have changed hands on the counter so far on both the exchanges.
Source: Business Standard
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