Infinite Comp hits 5% upper circuit

Infinite Computers hit the 5% upper circuit at Rs.171.20 the moment it opened for trading. The stock’s 52-week high is at Rs.323.

The company issued a statement yesterday stating that its Board of Directors, at its meeting held on June 23, 2015, have approved the Buy-Back of company's fully paid up equity shares of Rs. 10/- each from the existing owners of shares from open market through stock exchanges. This would be at a price not exceeding Rs. 220/- per share, payable in cash for an aggregate amount not exceeding Rs.31 crore. The offer size represents 5.73% of the aggregate of the company's paid up equity capital and free reserves as on March 31, 2015.

As at 31st March 2015, promoters held 72.16% stake, FIIs held 3.78%; two DIIs hold 0.03% stake or 10,615 shares.