The board will acquire up to 6,59,34,065 equity shares through a tender offer route, reserving a mandated portion specifically for small shareholders. Officials established November 25, 2026, as the record date to determine which investors can participate in the transaction. To ensure proper execution, the company appointed Sangeeta Shetty as compliance officer and Emkay Global Financial Services as the offer manager. Furthermore, the buyback committee retains the flexibility to elevate the purchase price while reducing total share volume ahead of the record date cut-off.
Key points
Emkay Global Financial Services has been appointed to manage the entire tender offer tran…: Emkay Global Financial Services has been appointed to manage the entire tender offer transaction for the company.
Management initiated the capital return because current market valuations do not accurate…: Management initiated the capital return because current market valuations do not accurately reflect the firm's intrinsic business value.
The board retains the option to raise the per-share price and reduce acquired shares befo…: The board retains the option to raise the per-share price and reduce acquired shares before the record date deadline.
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The company's board approved the buyback of up to 6,59,34,065 fully paid-up equity shares with a face value of Re 1 each through the tender offer route. The buyback price of Rs 91 per share is payable in cash, while the total buyback size will not exceed Rs 600 crore.
The proposed buyback represents 7.22% and 6.61% of the aggregate paid-up equity share capital and free reserves, based on the company's standalone and consolidated audited financial statements, respectively, as of March 31, 2026, according to its regulatory filing.
The board has fixed November 25, 2026, as the record date to determine shareholder eligibility for participation in the buyback. The company will undertake the offer on a proportionate basis, with the reservation for small shareholders to be determined in accordance with Securities and Exchange Board of India (SEBI) regulations.
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The promoters and members of the promoter group have indicated that they will not participate in the proposed buyback.
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