Key Points of Symphony Share Buyback Date and Price:
- Symphony has fixed the record date for its share buyback program on 29th March 2023.
- The buyback program was announced in February 2023 and is worth ₹200 crore.
- Symphony buyback price has been set at ₹2,000 per share, a premium of approximately 75% compared to the current share price.
- The buyback will be executed via the tender route.
- Symphony has informed the Indian bourses about the buyback record date in compliance with SEBI regulations.
- The Symphony buyback acceptance ratio is expected to be lower due to the buyback being announced at a premium of 75%.
- Eligible shareholders should consider the buyback offer and make an informed decision before the record date.
Details of Symphony Share Buyback Date and Price:
Symphony Ltd Sets Record Date for ₹200 Crore Share Buyback in March 2023
Symphony, the leading air-cooler manufacturer, has announced the record date for its share buyback program. The board of directors has fixed the date for 29th March 2023 to determine the eligibility of shareholders to participate in the buyback. The company had earlier declared its plans to buy back shares worth ₹200 crore in February 2023.
The Symphony buyback price has been set at ₹2,000 per share, which is at a premium of approximately 75% compared to the current symphony share price of ₹1,128 apiece on the National Stock Exchange (NSE). The buyback will be executed through the tender route.
In compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations and SEBI (Buy-back of Securities) Regulations, the company has informed the Indian bourses about the buyback record date. As per the statement released by Symphony Ltd, “The record date for the purpose of determining the entitlement and the names of equity shareholders who shall be eligible to participate in the Buy-back and the shareholders to whom the letter of offer and tender form shall be dispatched in relation to the Buy-back is Wednesday, March 29, 2023.”
The Symphony buyback acceptance ratio is expected to be lower as the buyback has been announced at a premium of 75%. The company has proposed to buy back 10,00,000 fully paid-up equity shares of face value INR 2/- (Indian Rupees Two only), for an aggregate amount not exceeding INR 200,00,00,000 (Indian Rupees Two Hundred crores only), subject to approval from members of the company.
With the record date approaching, eligible shareholders must carefully consider the buyback offer and make an informed decision. The Symphony buyback program presents an opportunity for shareholders to tender their shares at a premium and reduce their holding in the company.
Symphony Ltd, founded in 1988, is an Indian multinational electronics corporation that specializes in producing air coolers. Headquartered in Ahmedabad, it is a publicly listed company with operations in approximately 60 countries.
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