The board of Birlasoft Ltd has fixed 15th July 2022 as the record date for the buyback of shares. The company will buy back each of its shares at ₹500. The board has further announced that it will be buying 78,00,000 fully paid equity shares not exceeding ₹390 crores. The buyback will be offered through the tender route.
Under the tender route, the shareholders are invited to sell their shares at a specified price and within a particular time frame.
The buyback size is 24.97% and 16.32% of the aggregate of the fully paid-up equity share capital and free reserves of the company as per the latest audited standalone and consolidated financial statements of the company as of March 31, 2022, respectively.
Birlasoft is a part of the CK Birla group of companies that is engaged in Computer programming, consultancy, and related activities. The company is counted in Fortune 100 enterprises across manufacturing, banking & financial services, insurance, media, and healthcare industries as clients.
The stock is down by 0.1% till the afternoon of Thursday’s trading session and was trading at Rs 339.60. In the last five days, the stock has lost more than 4.50% while it has decreased by approximately 40.12% so far in 2022 (YTD). On a yearly comparison, the stock reached its 52-week high of Rs 585.85 in January 2022. Since then it has declined by more than 40%.
Ashish Dhawan is co-founder of India’s leading private equity fund- Chrysalis Capital, owns a 1.29% stake in the company. The promoters, National Engineering Industries Limited and Central India Industries Limited hold 38.55% and 1.85% respectively.
Last week, the company announced a dividend of 225% amounting to ₹4.5 per share. “The record date to determine the members who will be eligible to receive the final dividend, if approved at the ensuing AGM, will be Friday, July 15, 2022,” it said in a BSE filing.
Written By – Anoushka Roy
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