New Delhi: IT firm Mphasis on Tuesday said its buyback offer for a consideration of up to Rs988.27 crore is slated to open on 7 December.
The buyback offer will close on 20 December, it said in a BSE filing. The last date for payment of consideration is 1 January 2019 and final date for extinguishment of equity shares bought back is set for 8 January, it added.
In August, Mphasis’ board had approved a proposal for buyback of equity shares from all the existing shareholders at a maximum price of Rs1,350 per equity share.
“The resultant shares to be bought back with the maximum price is 7,320,555 equity shares... The buyback offer size of Rs9,882.75 million is 25% of the total paid-up equity capital and free reserves of the company as per the audited financials as at June 30, 2018," it has said.
Last year, Mphasis had completed buyback of 17.4 million shares with a total outlay of Rs1,103 crore.