SIS Limited board approves buyback of shares at Rs. 550 per share

The board of directors of SIS Limited (the "Company") at its meeting held today, i.e., February 15, 2021 has considered and approved the proposal for buyback of fully paid up equity shares of the Company having a face value of INR 5/- (Indian Rupees Five Only) ("Equity Shares" and such buyback "Buyback") from all shareholders/ beneficial owners of the Equity Shares of the Company, as on record date, which will be decided subsequently, on a proportionate basis, through the "tender offer" route, using mechanism for acquisition of shares through stock exchange as prescribed under Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended (the "Buyback Regulations") and such other circulars or notifications issued by the Securities and Exchange Board of India and the Companies Act, 2013 and rules made thereunder, as amended from time to time, at a price of INR 550/- (Indian Rupees Five Hundred and Fifty only) per Equity Share ("Buyback Offer Price"), payable in cash, for an aggregate amount not exceeding INR 999,999,550/- (Indian Rupees nine hundred ninety nine million nine hundred ninety nine thousand five hundred and fifty only), excluding expenses to be incurred for the Buyback viz. brokerage, costs, fees, turnover charges, taxes such as buyback tax, securities transaction tax and goods and services tax (if any), stamp duty, advisors fees, printing and dispatch expenses and other incidental and related expenses and charges ("Buyback Offer Size"). The resultant Equity Shares to be bought back at the Buyback Offer Price are 18,18,181 Equity Shares, representing 1.24% of the total number of Equity Shares in the total paid-up equity capital of the Company as on March 31, 2020.

The Buyback Offer Size represents 14.13% and 7.47% of the aggregate of the Company's fully paid-up equity capital and free reserves as per the latest standalone and consolidated audited financial statements of the Company, respectively, for the financial year ended March 31, 2020, which is less than 25% of the aggregate of the total paid-up capital and free reserves of the Company in accordance with Regulation 4(i) of the SEBI Buyback Regulations.

The Buyback Offer Price represents premium of 31.06% and 30.83% over the closing price of the Equity Shares on NSE and BSE, respectively, on February 9, 2021 being the day preceding the date when intimation for the Board Meeting was sent to the Stock Exchanges.

The Board of Directors also noted the intention of the promoters and members of the promoter group of the Company to participate in the proposed Buyback.

Shares of Security and Intelligence Services (India) Ltd was last trading in BSE at Rs.426.15 as compared to the previous close of Rs. 431.5. The total number of shares traded during the day was 9321 in over 459 trades.

The stock hit an intraday high of Rs. 439.05 and intraday low of 423.05. The net turnover during the day was Rs. 4035128.

Source : Equity Bulls

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