The board of Smartlink Holdings has approved the buyback of shares worth ₹31.58 crore. According to the proposal, the company plans to buy back 33.25 lakh shares (being 25 per cent of the total paid-up equity capital) at ₹95 a share. The decision is subject to shareholders’ approval. The buyback will be on a proportionate basis, through the tender offer route, it said, adding that the record date would be announced later. The board also recorded the intention of certain promoters of the company to participate in the proposed buyback. Following the announcement, the share price of Smartlink Holdings crashed 10 per cent to ₹90.05 on the BSE.