Birlasoft's board nods buyback plan worth Rs390 crore; stock marginally up

24 May 2022 , 11:07 AM

Birlasoft Limited Board of directors has approved a buyback plan of upto 7,800,000 fully paid equity shares of Rs2 each.

In the regulatory filing, the company has informed that it has approved the Buyback upto 7,800,000 fully paid equity shares of Rs2 each (being 2.79% of the total paid-up equity capital of the Company) at a price of Rs500 per Equity Share, for an aggregate amount not exceeding Rs390 crore. This buyback size is less than 25% of the total paid-up equity capital and free reserves of the Company as of March 31, 2022, both on a standalone and consolidated basis.

The Buyback is subject to the approval of the members of the company through a special resolution, it added.

The company will publish the public announcement setting out the process, timelines, and other statutory details in the due course.

Birlasoft is currently trading at Rs379.15 up by Rs0.9 or 0.24% from its previous closing of Rs378.25 on the BSE. The scrip opened at Rs385.95 and has touched an intraday high and low of Rs385.95 and Rs373.25 respectively.