Airtel jumps 3 pc after co says share buyback on table

Mumbai: Bharti Airtel’s scrip today rose by 3 per cent after the company said its board will consider buyback of equity shares or a final dividend, or a combination of both, at its meeting on Wednesday.

The stock gained 3 per cent to Rs 363.85 on BSE.

On NSE, it went up by 3 per cent to Rs 364.

The company, however, did not specify the number of shares it wants to buy back.

“The board of directors of the company will consider recommending final dividend for the financial year ended March 31, 2016, or buyback of shares of the company, or a combination thereof, at its meeting scheduled to be held on April 27, 2016,” the company had said in a filing to BSE on Saturday.

As of the quarter ended March, public shareholding of the company stood at 33.21 per cent whereas the promoters held 66.74 per cent.

PTI