Home / Business and Economy / Cyient Announces ₹720 Cr Share Buyback
Cyient Announces ₹720 Cr Share Buyback
23 Apr
Summary
- Cyient launched a ₹720 crore share buyback.
- The company will repurchase 64 lakh equity shares.
- Buyback price set at ₹1,125 per share, a 20% premium.
Cyient has initiated a share buyback program valued at ₹720 crore. This strategic move involves the repurchase of 64 lakh equity shares, which constitutes 5.76% of the company's total paid-up equity share capital. The buyback will be conducted via the tender offer route.
The repurchase price has been established at ₹1,125 per equity share. This price represents a 20% premium over Cyient's closing share price on the preceding Wednesday, signaling an attractive offer for shareholders. Members of the promoter and promoter group have confirmed they will not participate in this buyback.
As of the March quarter, promoters held a 23.28% stake in Cyient. The company's stock closed 2.80% lower at ₹934.90 on Thursday, having experienced a decline of over 16% year-to-date. This buyback represents a significant corporate action aimed at shareholder value enhancement.
