Mastek's scrip settled at Rs 199, up 8.71 per cent from its previous close at the BSE. During the day, the stock zoomed 13.57 per cent to Rs 207.90 -- its 52-week high.
On the NSE, the scrip closed with a gain of 9.46 per cent at Rs 200.10.
In just three trading sessions after the company announced the buyback plan, the scrip has gained 28.45 per cent.
In a communication to the stock exchanges on Friday, Mastek had said, "A meeting of the Board of Directors of the company will be held on January 8, 2014, to consider a proposal of buyback of equity shares."
At the end of September quarter, the total promoter holding in the IT firm stood at 46.70 per cent.