OnMobile Shares Soar on Buy-Back Approval

Posted By:
Subscribe to GoodReturns

Shares of the OnMobile Golbal rose after the company's board approved a share buy-back plan.

Buyback is the process of reducing a company's shares available in the stock market. Consider buyback as a company investing in itself, or using its cash to buy its own shares.

OnMobile Shares Soar on Buy-Back Approval
OnMobile Global: Quotes, News
BSE 37.75BSE Quote0.8 (-2.12%)
NSE 37.80NSE Quote0.8 (-2.12%)

In the near term, share buybacks can boost the share price of a particular company. However, over the long period, it still boils down to the company's fundamentals.

The buy-back will happen from open market through stock exchange mechanism in accordance with the provisions of Section 68, 69 and 70 of the Companies Act, 2013. At a price not exceeding Rs. 86/- per equity share payable in cash for an aggregate amount not exceeding Rs.49 Crores.

At 12.05 pm IST, shares of the company as seen trading at Rs 72.60, higher by 4.99 per cent. It touched an intra-day high of Rs 72.60 during the trade.

GoodReturns.in

Read more about: onmobile buyback
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Find IFSC

Get Latest News alerts from Goodreturns

We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more