Sterlite Technologies has gained after two days of fall. Today it opened 13% higher at Rs.63.45 and went on to hit an intraday high at Rs.75.55, rising over 19%.
The Board today announced a buyback of its shares at Rs.150/share, with a face value of Rs.2/share.
This is a huge premium to yesterday’s close of Rs.63.55.
The buyback is 9.95% of the total paid-up capital.