Aptech has received the shareholders approval for share buyback proposal through postal ballot. The company has fixed the maximum buyback price at Rs 82, which translated into steep premium to the current market price of Rs 58.60 (closing as on July 8,2013), and aggregate consideration for buyback up to Rs 64.66 crore.
Company’s board of directors at its meeting held on May 13, 2013, already approved the buyback of company’s equity shares from the open market up to 25% of the capital and free reserve of the company as per the audited accounts as on March 31, 2013.
Aptech is provider of learning solutions to retail and corporate client across the world. The company operates two business segment retail and non retail. The retail segment consists of global information technology (IT), multimedia training and N-Power. Under this it has created brands like ACE (Aptech computer education), Arena animation, Avalon Academy, N-Power (hardware and networking) and Aptech Worldwide.