Software program outsourcing firm Onward Applied sciences final week introduced that its board of administrators has permitted the proposal to purchase again practically 5.49 lakh shares at a buyback value of Rs 328 apiece, implying a premium of practically 21% from the earlier closing value. The corporate introduced that the Rs 18 crore buyback might be executed via the tender route on a proportionate foundation for two.41% of its whole stake. It additional mentioned that promoters and promoter group won’t take part within the buyback. Onward Applied sciences set Could 18 (Monday) because the file date to find out the eligibility of shareholders who can tender shares as a part of the buyback. The corporate appointed Centrum Broking because the supervisor of the buyback. Notably, this might be Onward Tech’s first-ever share buyback.
