Stock Market

Tech Mahindra shares gain as buyback offer opens for subscription

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NEW DELHI: Shares of Tech Mahindra rose nearly 1 per cent on Monday morning after its Rs 1,956-crore buyback offer opened for subscription on Monday.

The subscription will close on April 5. The scrip rose nearly 1 per cent to hit a high of Rs 795.70.

Later, the scrip was hovering at Rs 790.10, up 0.06 per cent at 09:38 am.

This was against 0.95 per cent fall in the BSE Sensex.

"The tech major plans to buy back 2.058 crore shares at Rs 950 a share.

Since the offer is through the tender process on proportionate basis, shareholders whose names had appeared on the company’s books as of March 6 can only participate in the buyback," a report said.

Earlier in the day, the stock opened at Rs 791 on BSE against its previous closing of Rs 789.60.




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