Shares of mobile value-added solutions provider OnMobile Global soared 5 per cent to touch the highest trading permissible limit for the day after the company’s board approved a share buy-back plan.
OnMobile’s scrip jumped 4.98 per cent to Rs 72.60 — its highest trading permissible limit for the day on the BSE.
At the NSE, it gained 4.97 per cent to touch its upper circuit limit of Rs 72.90.
On the volume front, 1.68 lakh shares of the company changed hands at the BSE, while over 5 lakh scrips were traded at the NSE during initial trade.
In a filing to the BSE yesterday, OnMobile Global had said: “The Board of Directors of the company at its meeting have decided on buy-back of equity shares of Rs 10 each from open market through stock exchange mechanism at a price not exceeding Rs 86 per equity share payable in cash for an aggregate amount not exceeding Rs 49 crore.”