OnMobile fixes buyback price at Rs 86/share; stock rallies

MUMBAI: Shares of OnMobile Global were hit at 5 per cent upper circuit after the telecom services provider fixed share buyback price at Rs 86 per share.

The company has decided to buy-back equity shares of Rs 10 each from open market through stock exchange mechanism at a “price not exceeding Rs 86 per equity share payable in cash for an aggregate amount not exceeding Rs 49 crores,” the company said in a filing to stock exchanges.

The buy-back price is at 24% per cent premium to the stock’s previous closing price.

There were 2.76 lakh pending buy orders and no sellers in the counter.