Geodesic promoters may buy back shares at Rs 75-80/sh; stock surges

MUMBAI: Shares of Geodesic extended overnight gains on media reports that the company may announce a buyback price of Rs 75-80, an upside of 60 per cent from the current market price.

The promoters may buy back 15-20 per cent equity in the price range of Rs 75-80 per share, ET Now reported quoting sources.

The board of directors will meet today to take a decision on the buyback of equity shares. It had approved buyback of 25 per cent of equity shares on August 14.

According to the data available on the BSE, the promoters currently hold 25 per cent stake in the company, foreign institutional hold 29.29 per cent, domestic institutions have 0.81 per cent holding while 44.55 per cent stake is held by others, including individual shareholders and bodies corporate.

At 01:30 pm, the stock was at Rs 50.30, up 8.76 per cent, on the BSE. It touched a high of Rs 51.10 and a low of Rs 44.65 in trade today. Total traded quantity increased to 12.82 lakh shares against 2-week average of 1.49 lakh shares.