SIS Ltd announces INR 80 cr. Buyback of equity shares

The Board of Directors ("Board") of SIS Limited (the "Company"), subject to the approval of the shareholders, approved the buy-back of 14,54,545 fully paid-up equity shares of the Company (representing 0.99% of the total paid-up capital of the Company) having a face value of INR 5/-each, at a price of INR 550/- per Equity Share payable in cash for an aggregate amount not exceeding INR 80,00,00,000/- ("Buyback").

The Buyback size constitutes 9.85% and 4.07% of the aggregate of the fully paid-up Equity share capital and free reserves of the Company as per the latest audited standalone and consolidated balance sheet, respectively, as on March 31, 2022.

The Buyback shall be on a proportionate basis through the "tender offer" route as prescribed under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended, and the Companies Act, 2013, as amended, and the rules made thereunder, including any statutory modifications or re-enactments thereof, from all shareholders/beneficial owners including promoters and members of the promoter group as on a record date to be subsequently decided by the Board.

Edelweiss Financial Services Limited is acting as Manager for the proposed Buyback.

The Buyback is being undertaken by the Company to optimize returns to the shareholders and enhance overall shareholders' value.

Shares of SIS LIMITED was last trading in BSE at Rs. 453.90 as compared to the previous close of Rs. 453.30. The total number of shares traded during the day was 1610 in over 288 trades.

The stock hit an intraday high of Rs. 460.10 and intraday low of 449.40. The net turnover during the day was Rs. 733435.00.

Source : Equity Bulls

Keywords

SISLIMITED INE285J01028 Buyback