Birlasoft Ltd board approves buyback through tender offer

The Board of directors of Birlasoft Ltd at its meeting held on 23 May 2022 has approved the buyback of upto 7,800,000 fully paid equity shares of Rs. 2/- each of the Company ("Equity Shares") (being 2.79% of the total paid-up equity capital of the Company) at a price of Rs. 500/- (Rupees Five Hundred only) per Equity Share ("Buyback Offer Price"), for an aggregate amount not exceeding Rs. 3,900 million (Rupees Three Thousand and Nine Hundred million Only) (hereinafter referred to as the "Buyback Offer Size") (being less than 25% of the total paid-up equity capital and free reserves of the Company as on March 31, 2022, both on standalone and consolidated basis). The Buyback Offer Size does not include any expenses incurred or to be incurred for the Buyback such as filing fees payable to SEBI, advisors' fees, transaction costs viz. brokerage, applicable taxes such as buyback tax, securities transaction tax, goods and services Tax, stamp duty, etc., public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses.

The Buyback is proposed to be undertaken from the shareholders of the Company on a proportionate basis through the tender offer route (hereinafter referred to as the "Buyback") in accordance and consonance with the provisions contained in the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (as amended) ("Buyback Regulations") and the Companies Act, 2013 ("Act") (including any statutory modification(s) or re-enactment of the Act or the rules made thereunder, for the time being in force).

The Buyback is subject to approval of the members of the Company by means of a special resolution. The public announcement setting out the process, timelines and other statutory details will be published in due course in accordance with the Buyback Regulations.

The Board has constituted a buyback committee to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient, usual or proper in connection with the Buyback.

Shares of BIRLASOFT LIMITED was last trading in BSE at Rs. 378.25 as compared to the previous close of Rs. 383.40. The total number of shares traded during the day was 40205 in over 1543 trades.

The stock hit an intraday high of Rs. 387.90 and intraday low of 376.00. The net turnover during the day was Rs. 15427347.00.

Source : Equity Bulls

Keywords

BIRLASOFT INE836A01035 BSOFT Buyback TenderOffer