Tech Mahindra has said that this share is 2.10 per cent of the total paid-up equity capital of the buyback offer company. The company has set a record date for the buyback on March 6. This means that the investors who have Tech Mahindra shares till this date can participate in this buyback.
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"Tech Mahindra's share is beneficial for buyback investors, because the company has fixed the price of attractive stock for buyback, which is 15 per cent higher than the closing price on Wednesday. "
Tech Mahindra said in the information given to BSE, "No expenditure on buyback in the offer size has been included, such as filing fees to be paid to SEBI, fees of advances, transaction costs, etc. are not included."
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Tech Mahindra is one of the largest IT companies in the country. It has a lot of cash. The company wants to give additional cash to its share holders through dividends and share buybacks. Infosys announced share buyback of Rs 8,260 crore. In the shares of Tech Mahindra on Thursday, the NSE was trading at about 827 rupees with an increase of about 2 per cent.
What is share buyback? When a company buys its own shares from investors, it is called buyback. You can also consider it an opposite of the IPO. After the buyback process is complete, the survival of these shares ceases. For buyback, mainly two methods-tender offers or open market is used.
Why do companies buyback? The company decides to buyback for a variety of reasons. The biggest reason is the extra cash in the company's balance sheet. The company is not considered to have too much cash. It is believed that the company is unable to use its cash. The company uses its extra cash through share buyback.
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