TeamLease zooms on Rs 100-crore buyback announcement

The share purchase will be through the tender offer route and the offer price represents a premium of 25 percent over the closing price of January 24 when the board meeting for the buyback was announced

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The share price of employee leasing service provider Teamlease zoomed 4 percent on February 3 after the company announced a buyback of up to 3.27 lakh shares at Rs 3050 apiece, up to Rs 100 crore.

The buyback will be through the tender offer route and the price represents a premium of 25 percent over the closing price of January 24, 2023, when the board meeting for the buyback was announced, the company said on February 3.

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At 1 pm, the stock was quoting at Rs 2,332 apiece on the NSE, up 3.7 percent, after hitting an intraday high of Rs 2,362. Trading volumes at 44,946 were 2.5x the 20-day average volume of 17,849.