MphasiS says share buyback after April 10

MUMBAI: Indian software services firm MphasiS BFL Ltd. said on Tuesday a committee appointed by the board has decided that a proposed share buyback of up to 10 percent of its equity will be scheduled after April 10, 2006.

The details of the buyback, such as the share price and the exact percentage, will be determined closer to the buyback date, the company said in a statement to the National Stock Exchange.

The company's management is also working towards getting a credit rating so it may have greater flexibility in raising funds, MphasiS said.