Shares of Infinite Computer Solutions surged 5 per cent on Wednesday at Rs 171.20 after its board approved a share buyback. The technology company informed the BSE that its board has approved a share buyback from open market through stock exchanges at a price not exceeding Rs. 220 per share for an aggregate amount not exceeding Rs. 31 crore.
The offer size represents 5.73 per cent of the aggregate of the company's paid-up equity capital and free reserves as on March 31, 2015, the company said.
Infinite Computer Solutions had informed BSE on June 18, 2015, that its board would meet on June 23, 2015, to consider a buyback program. Since then, the stock gained 7 per cent in the past 3 sessions.
At 11.07 a.m,, shares of Infinite Computer Solutions were locked in an upper circuit of 5 per cent as compared to a 0.30 per cent gain in Sensex.