Matrimony.com approves Rs 72 crore buyback

6 Sep 2024 , 02:02 PM

The board of Matrimony.com has approved a Rs 72 crore share repurchase at a price of Rs 1,025 per share, a 27.5% premium to Thursday’s closing price. Following the announcement, the stock rose 3% to a day high of Rs 829.55. At 2:00 pm the stock was trading 0.55% lower.

“Board approved the proposal of buyback of 7,02,439 fully paid-up equity shares of face value Rs 5 (Rupees Five only) each of the Company (“Equity Shares”) of an amount not exceeding Rs 720 Million (Rupees Seven Hundred and Twenty Million only),” stated the company in a filing to the markets.

Further information on the buyback process, record date, and deadlines will be released in due course.

As of August 30, the company’s pre-buyback shareholding is 51.6% in the hands of the promoter and the promoter group, with the remaining 48.4% held by public shareholders such as mutual funds, foreign investors, and so on.

This is Matrimony.com’s second repurchase; the first was in July 2022.

For the quarter ended June 2024, the company reported a 1.4% YoY fall in profit after tax (PAT) at Rs 14 crore, while revenue from operations fell by 2.2% YoY to Rs 123 crore.

The stock has gained by 28% in the last year, and by 40% so far this year.

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