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 companys 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.