Symphony Ltd announced its buyback programme of up to Rs 71.40 crore and an interim dividend of Rs 1 per share for all eligible shareholders. The buyback price is fixed at ₹2,500 per share, about 71 per cent higher than Tuesday’s closing price.
“The Board of Directors has considered and approved the following in their meeting held today: The proposal for buyback of up to 2,85,600 fully paid-up equity shares of face value INR 2/- each (“Equity Shares”) by the Company (“Buyback”), representing up to 0.41% of total number of Equity Shares of the Company, at a price of INR 2,500/- per equity share payable in cash for an aggregate consideration not exceeding INR 71,40,00,000/- rationale provided for the same stated”, company informed the exchanges in a filing.
The record date for the buyback and the interim dividend is August 21.
Before the buyback, promoters held around 73.4% of Symphony’s shares, while public shareholders, including FIIs, Indian financial institutions, and mutual funds, held the remaining 26.6%.
Symphony’s PAT soared 267% year-on-year to Rs 88 crore for the June 2024 quarter, while revenue from operations increased 76% year-on-year to Rs 531 crore compared with Rs 302 crore in the corresponding period last year. Shares of Symphony have already gained 66.5% in the last one year, while in the past six months it has risen by 55.5%. So far this year, the stock has rallied 67.6%. At 10:13 am, Symphony was trading at ₹1,435 on the BSE.
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Source: ET
News Desk
