SIS Limited board approves buyback through tender offer route

The Board of Directors of SIS Limited ("Company"), in its meeting held today, June 29, 2022, has, considered and approved the buyback of fully paid up equity shares of the Company having a face value of ₹ 5/- (Indian Rupees Five Only) not exceeding INR 80,00,00,000/- (14,54,545) Equity Shares (representing 0.99% of the total paid-up capital of the Company) ("Equity Shares") and such buyback ("Buyback") from all shareholders/ beneficial owners of the Equity Shares of the Company, (except any shareholders/beneficial owners who may be specifically prohibited under the applicable laws by Appropriate Authorities), including promoters (as defined under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and to be referred as ("Promoters") and members of the promoter group, as on a record date ("Eligible Shareholders") to be subsequently decided by the Board ("Record Date"), on a proportionate basis, through the "tender offer" route, at a price of ₹ 550 (Indian Rupees Five Hundred Fifty Only) per Equity Share ("Buyback Offer Price"), payable in cash, for an aggregate amount not exceeding ₹ 80,00,00,000 (Indian Rupees Eighty Crores Only), excluding tax payable under Income Tax Act, 1961 and any expenses incurred or to be incurred for the Buyback viz. brokerage costs, fees, turnover charges, taxes such as tax on Buyback, securities transaction tax and goods and services tax (if any), stamp duty, filing fees to SEBI, stock exchange charges, advisors/legal fees, printing and dispatch expenses, if any, public announcement publication expenses and other incidental and related expenses and charges ("Transaction Costs") which represents 9.85% and 4.07% of the aggregate of the Company's paid-up capital and free reserves as per the standalone and consolidated audited financials of the Company for the year ended as on March 31, 2022 respectively. The Buyback is less than 10% of the aggregate of the fully paid-up equity share capital and free reserves of the Company, based on both standalone and consolidated financial statements of the Company as per the provisions of the Companies Act and SEBI Buyback Regulations.

.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.

The Board has appointed Edelweiss Financial Services Limited, as the Manager to the Buyback.

Shares of SIS LIMITED was last trading in BSE at Rs. 453.30 as compared to the previous close of Rs. 457.75. The total number of shares traded during the day was 22481 in over 2565 trades.

The stock hit an intraday high of Rs. 469.00 and intraday low of 448.45. The net turnover during the day was Rs. 10214995.00.

Source : Equity Bulls

Keywords

SISLIMITED INE285J01028 BuyBack TenderOffer