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