Yesterday, Bharti Infratel, the mobile tower unit of the Bharti group announced its buy back price. It stated that it will be buying back 2.48% or 4.70 crore equity shares from the market at a price of Rs.425/share. Currently, public float is at 28.22%. This is at a huge premium – on 14thJune, it closed at Rs.381 and the same evening the buy back price was announced, at a premium of 11.5%.

Yet the stock price has slumped today mainly because it has turned ex-date from today for the proposed buy back. The record date is 16^th June which means investors could have bought Bharti Infratel’s shares only till yesterday to avail the benefit of the buy back.

The stock is down today 2% at Rs.373 levels. Its 52-week high and low stands at Rs.500 and Rs.341.50 respectively.