SIS board approves Rs 80-cr share buyback proposal
The board of security services provider on Wednesday approved the buyback of 14,54,545 equtiy shares at Rs 550 per share, for an aggregate amount not exceeding Rs 80 crore.
The buyback offer price of Rs 550 per equity share represents a premium of 20.15% to Tuesday’s closing price of Rs 457.75 on the BSE. The buyback size represents 0.99% of the total paid-up capital of the company.
The company said that the process, record date, timelines and other requisite details of the buyback shall be set out in the public announcement and the letter of offer.
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