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Birlasoft fixes record date for buyback of equity shares: Check key takeaways

02 Jul , 2022   By : Kanchan Joshi


Birlasoft fixes record date for buyback of equity shares: Check key takeaways

A prominent player in the information technology sector Birlasoft Ltd has announced the buyback of up to 7,800,000 fully paid-up equity shares with a face value of INR 2- apiece, or up to 2.79 per cent of the total number of equity shares in the company's paid-up share capital, at a price of INR 500/-. For the purpose of the same, the company has fixed July 15, 2022 as the record date.


Today, the company has said in its exchange filing that “This is in continuation to the intimations made by Birlasoft Limited (“Company"), regarding approval of the Board of Directors and of the members of the Company for buyback of upto 7,800,000 fully paid equity shares of Rs. 2/- each of the Company, vide letters dated May 23, 2022 and July 1, 2022. Pursuant to the Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 9(i) of Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, we wish to inform you that the Company has fixed Friday, July 15, 2022 as the Record Date for the purpose of determining the entitlement and names of equity shareholders who are eligible to participate in the buyback."


“Buyback of up to 7,800,000 fully paid-up equity shares of the Company, each having a face value of INR 2/- , representing up to 2.79% of the total number of equity shares in the paid-up share capital of the Company, at a price of INR 500/- payable in cash, for an aggregate amount not exceeding INR 3,900 million/- being 24.97% and 16.32% of the aggregate of the fully paid-up equity share capital and free reserves of the Company as per the latest audited standalone and consolidated financial statements of the Company as at March 31, 2022, respectively (which is within the statutory limits of 25%) on a proportionate basis through the “tender offer" route," Birlasoft has mentioned on its website.


The stock's closing price on the NSE was Rs352.10, down 0.33 per cent from its previous close of Rs353.25. The stock has fallen 37.90 per cent of its value so far in 2022. Birlasoft Ltd. is trading below the 5 days, 20-day, 50-day, 100-day, and 200-day moving averages as of the day's closing price. The well-known Indian equity investor Ashish Dhawan holds 36,00,000 shares or a 1.29% stake in the company for the quarter ended March 2022.


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