Mphasis gains 5% as co to buyback shares worth Rs 988cr

The buyback offer will open on December 7 and will close on December 20, company said in its release.

Shares of Mphasis ended with a gain of 5 percent on Wednesday after company decided to buyback equity shares worth of Rs 988.27 crore.

The company has received final observations from the Securities and Exchange Board of India (SEBI) for the buy-back offer.

The company will dispatch the letter of offer for the buyback offer to eligible shareholders of the company holding shares as on the record date i.e. 25 October 2018, on or before November 30, 2018.

The buyback offer will open on December 7 and will close on December 20, company said in its release.

The last date for payment of consideration is January 1, 2019 and last date for extinguishment of equity shares bought back is January 8.

At the closing, MphasiS was at Rs 954.10, up Rs 48.40, or 5.34 percent on the BSE.

The share touched its 52-week high Rs 1,278 and 52-week low Rs 700 on 03 September, 2018 and 11 January, 2018, respectively.

Currently, it is trading 27.77 percent below its 52-week high and 31.86 percent above its 52-week low.

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