Symphony shares trade ex-buyback as record date today. Details inside
1 min read 29 Mar 2023, 10:21 AM ISTSymphony share price was trading more than 5% lower on the BSE in early deals
PremiumShares of are trading ex-buyback on Wednesday after the company announced ₹200 crore worth share buyback plan in February 2023. The board of directors of Symphony Ltd has fixed record date for buyback of shares on 29th March 2023. The stock was trading more than 5% lower at ₹1,029 apiece on the BSE in early trading session.
The buyback of shares would be executed via tender route and Symphony's buyback price has been fixed at ₹2,000 per share, announced at a premium by the company.
Announcing the share buyback details, the company said, "This is with reference to our earlier intimations dated February 08, 2023 informing the Stock Exchanges that the Board of Directors approved the proposal of the Company to Buy-back 10,00,000 fully paid-up equity shares of the Company of face value of INR 2/- through the “tender offer" route, each at a price of INR 2,000/- per equity share, payable in cash, for an aggregate amount not exceeding INR 200,00,00,000 subject to approval from members of the Company."
A share buyback, also known as share repurchase, is a corporate action to buy back its own outstanding shares from its existing shareholders usually at a premium to the prevailing market price and reduce the number of shares in circulation.
For the third quarter ended December 2022 (Q3), the air cooler and appliances maker reported 86% jump in consolidated net profit at ₹39 crore as compared to ₹21 crore in October-December period a year ago. Revenue from operations rose 35% to ₹277 crore during the quarter under review against ₹205 crore in the year-ago period. Total expenses in the quarter were ₹243 crore, up 32% as compared to the year-ago period.
