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Tech Mahindra Ltd board approves buy back through tender offer route

Posted On: 2019-02-21 11:01:16

The Board of Directors of Tech Mahindra Ltd at its meeting held on February 21,2019 has approved the proposal for buyback by the Company of its own fully paid equity shares of Rs. 5/- each ("Equity Shares") not exceeding 20,585,000 Equity Shares (being 2.10% of the total paid-up equity capital of the Company) from the equity shareholders of the Company as on 6'h March, 2019 ("Record Date") at a price of Rs. 950/- (Rupees Nine Hundred Fifty only) per Equity Share ("Buyback Offer Price"), for an aggregate amount not exceeding Rs. 1,956 crore (Rupees One Thousand Nine Hundred and Fifty Six Crores Only) (hereinafter referred to as the "Buyback Offer Size") (being less than 10% of the total paid-up equity capital and free reserves of the Company as on December 31, 2018) from the shareholders of the Company on a proportionate basis through the tender offer route (hereinafter referred to as the "Buyback") in accordance and consonance with the provisions contained in the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (as amended) ("Buyback Regulations") and the Companies Act, 2013 ("Act") (including any statutory modification(s) or re-enactment of the Act or the rules made thereunder, for the time being in force). The Buyback Offer Size does not include any expenses incurred or to be incurred for the Buyback such as filing fees payable to SEBI, advisors' fees, transaction costs viz. brokerage, applicable taxes such as securities transaction tax, Goods and Services Tax, stamp duty, etc., public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses.

The board has fixed Wednesday, 6th March, 2019 as the record date for the purpose of ascertaining the eligibility of shareholders to participate in the Buyback.

Shares of TECH MAHINDRA LTD. was last trading in BSE at Rs.811.75 as compared to the previous close of Rs. 792.5. The total number of shares traded during the day was 110539 in over 3046 trades.

The stock hit an intraday high of Rs. 815 and intraday low of 786. The net turnover during the day was Rs. 88555464.


Source: Equity Bulls

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