Mastek shares surge 9.5% ahead of buyback proposal

MUMBAI: Shares of IT firm Mastek on Wednesday settled nearly 9.5 per cent higher ahead of the company's share buyback plan.

Mastek's scrip settled at Rs 199, up 8.71 per cent from its previous close at the BSE. During the day, the stock zoomed 13.57 per cent to Rs 207.90 -- its 52-week high.

On the NSE, the scrip closed with a gain of 9.46 per cent at Rs 200.10.

In just three trading sessions after the company announced the buyback plan, the scrip has gained 28.45 per cent.

In a communication to the stock exchanges on Friday, Mastek had said, "A meeting of the Board of Directors of the company will be held on January 8, 2014, to consider a proposal of buyback of equity shares."

At the end of September quarter, the total promoter holding in the IT firm stood at 46.70 per cent.