Following the company’s announcement of a plan for a share buyback of Rs 200 crore in February 2023, shares began trading ex-buyback on Wednesday. The record date for buying back shares has been set by Symphony Limited’s Board of Directors for March 29, 2023. The stock was exchanging over 5% lower. 1,029 in the early trading session on the BSE.
The tender process will be used to buy back shares, and the buyback price for Symphony has been set at 2,000 per share, which the company has declared to be a premium.
“This is with reference to our earlier notifications dated February 08, 2023, informing the stock exchanges that the Board of Directors has fully paid Rs 10,00,000 of the company’s Equity Shares of the face value of INR 2/- each through the “Tender Offer” route at a price of INR 2,000/- per Equity Share, payable in cash, of INR 2,000/- each,” the company stated when announcing the details of the share buyback. 200,00,000 for a total of more than Rs. 20,000,000, subject to approval from the company’s members.
A corporate action to buy back its own outstanding shares from its existing shareholders—also known as a share repurchase—usually at a premium to the prevailing market price and reduce the number of shares in circulation is referred to as a share buyback.
The manufacturer of air coolers and appliances reports a 86 percent increase in consolidated net profit for the third quarter that ended in December 2022 (Q3), which was 21 crore in the October-December period a year ago. During the analyzed quarter, revenue from operations increased by 277 crore, or 35%. 205 crore in the previous year. The quarter’s total expenses were 243 crore, up 32% from the previous year.