12 Oct 07 Mastek Buyback Offer Price fixed
Mastek today informed the stock exchanges that the board of Mastek has approved the share buyback of Mastek shares at a price of upto Rs. 750 per share by purchasing in the open market. Mastek has set aside Rs. 65 crore for the buyback offer. A buyback offer is a way of promoters or management of a company telling the market that they feel that the share prices of the company are grossly undervalued. Management of Mastek, by fixing the open offer price at Rs. 750 which is way above the current market price of Mastek, are telling the market that the right valuation of Mastek is close to Rs. 750 and definitely not the Rs. 350-400 levels at which Mastek is presntly trading at.
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when this is going happen ? This is now trading at 330 levels, IS this sure going to happen or was just a gimmick ?