Tech Mahindra hits new high as board approves buyback at Rs 950 per share

Shares of Tech Mahindra hit an all-time high of Rs 832 apiece, rising 2.5 per cent on the BSE in an otherwise subdued market after the company’s board approved share buyback at a price of Rs 950 per share through a tender offer. The stock surpassed its previous high of Rs 824 recorded on February 8, 2019, in the intra-day trade.

The trading volumes on the counter nearly doubled with a combined 3.94 million equity shares changing hands on the NSE and BSE till 10:59 am. The S&P BSE Sensex was up 0.10 per cent at 35,790 points.

“The board of directors of the company at its meeting held on February 21, 2019, approved the proposal for buyback by the company of its own fully paid equity shares of Rs 5 each, not exceeding 20.58 million equity shares representing 2.1 per cent of total equity of the company,” Tech Mahindra said in a regulatory filing.