Quick Heal Technologies rise on Buyback

Shares of Quick Heal Technologies Limited advanced near 5% on the BSE and NSE during trade after the company approved buyback of equity shares. 

The buyback was approved up to an extent of 63.63 lakh equity shares aggregating up to 9.02percnet of the fully paid-up equity share capital of the company at Rs275 per share.

The buyback plan seems to excite investors as the stock of Quick Heal Technologies trade higher at Rs234.70 per share, up by 4.66 per cent from its previous close of Rs224. The stock hit a high of Rs240 and a low of Rs231.50 till mid-noon hours of trade in the exchange.

Share buybacks are being performed by companies to reduce their number of outstanding shares in the stock market by buying back a certain amount of shares from the companies’ share-holders at a price higher than the market rate.