Indus Towers announces Rs 2,700 crore share buyback. Check record date
Indus Towers announced a share buyback via a tender offer on Tuesday while reporting its quarterly results for the first quarter of FY25. The company plans to repurchase approximately 5.68 crore shares at Rs 465 per share, totaling up to Rs 2,640 crore.
The buyback price offers a 4% premium over the stock’s closing price on Tuesday, July 30.
“The Board of Directors of the Company (the “Board”) at its meeting held today, i.e., July 30, 2024 has considered and approved the buyback of up to 5,67,74,193 (Five Crore Sixty-Seven Lac, Seventy-Four Thousand, One Hundred Ninety-Three only) equity shares, representing approximately 2.107% of the total number of equity shares in the paid-up share capital of the Company, at a price of INR 465 (Indian Rupees Four Hundred and Sixty Five only) per equity share (“Buyback Price”), payable in cash for an aggregate amount up to INR 2,640 Crore (Indian Rupees Two Thousand Six Hundred Forty Crores only) (“Buyback Size”). The Buyback size does not include transaction costs, applicable taxes and other incidental and related expenses (hereinafter referred to as the “Buyback”),” said the company in a filing to the exchanges.
The company has set August 9 as the record date for the buyback.
The buyback size represents 9.9971% and 9.9668% of the company's fully paid-up equity share capital and free reserves as of the three-month period ending June 30, 2024.
Indus Towers reported a 43% year-on-year increase in net profit to Rs 1,926 crore for the fiscal first quarter, driven by strong
