Cosmo First Ltd announces buyback of Equity Shares at Rs. 1,070 per share

Cosmo First Limited (Formerly Cosmo Films Ltd) has announced yet another buyback of fully paid-up equity shares through tender route from the existing shareholders on voluntary and proportionate basis.

The buyback price is fixed at Rs. 1,070 per share (face value Rs 10 per share) representing a premium of 42% over the closing price as on Nov 28th, 2022 being the date on which the Company has intimated the stock exchanges its intention to consider the buyback proposal.

The buyback will be upto 10.09 lakhs shares with buyback size of Rs 108 crores (excluding taxes and transaction costs) and shall be funded with surplus cash.

Commenting on the buyback rationale, Mr Ashok Jaipuria, Chairman & Managing Director, said "Cosmo has always believed in sharing prosperity with its shareholders. The buyback reflects strong cashflows and management's confidence in continued growth prospects in all its business verticals. The buyback will lead to further improved EPS, ROE and ROCE".

The Board fixed December 14th, 2022 as record date for the purpose of ascertaining the eligibility of the shareholders for the buyback.

Shares of Cosmo First Limited was last trading in BSE at Rs. 828.30 as compared to the previous close of Rs. 802.30. The total number of shares traded during the day was 31132 in over 2187 trades.

The stock hit an intraday high of Rs. 844.20 and intraday low of 797.20. The net turnover during the day was Rs. 25734972.00.

Source : Equity Bulls

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