SIS' board gives nod to Buy Back worth Rs 80 crore; stock trades higher

30 Jun 2022 , 09:54 AM

SIS Limited informed that the Board of Directors of the company has approved Buy Back of fully paid-up equity shares of the company having a face value of Rs5 each.

The Buy Back amount should not exceed Rs80 crore consisting of 14,54,545 shares. The total Buy Back approved by the Board is 0.99% of the total paid-up capital of the company.

The Buy Back price has been fixed at Rs550 per Equity Share payable in cash.

Based on both standalone and consolidated financial statements and the provisions of the Companies Act and the SEBI Buyback Regulations, the Buyback is less than 10% of the aggregate of the Company’s fully paid-up equity share capital and free reserves.

The Buyback Offer Price represents a premium of 23.97% and 24.10% over the closing price of the Equity Shares on the NSE and BSE, respectively, on June 23, 2022, the day before the Board Meeting was announced to the Stock Exchanges.

Edelweiss Financial Services Limited has been appointed as the Manager to Buy Back.

SIS Ltd is currently trading at Rs454 up by Rs0.7 or 0.15% from its previous closing of Rs453.30 on the BSE. The scrip opened at Rs460 and has touched intraday high and low of Rs460.10 and Rs454 respectively.