Buyback alert! 4 stocks turning ex-record dates for share buybacks in next two weeks. Check details
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Buyback Clock Ticks
As many as four companies will turn ex-record dates for their share buybacks soon. The four companies in the list include Onward Technologies, Garware Technical Fibres, CMS Info Systems and CyberTech Systems.
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Onward Technologies share buyback
Software outsourcing company Onward Technologies last week announced that its board of directors has approved the proposal to buy back nearly 5.49 lakh shares at a buyback price of Rs 328 apiece, implying a premium of nearly 21% from the previous closing price. The company announced that the Rs 18 crore buyback will be done through the tender route on a proportionate basis for 2.41% of its total stake. It further said that promoters and promoter group will not participate in the buyback. Onward Technologies set May 18 (Monday) as the record date to determine the eligibility of shareholders who can tender shares as part of the buyback. The company appointed Centrum Broking as the manager of the buyback. Notably, this will be Onward Tech’s first-ever share buyback.
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Garware Technical Fibres share buyback
Fishing nets-maker Garware Technical Fibres earlier this month approved the proposal to buy back over 16.17 lakh shares at a buyback price of Rs 680 apiece, implying a premium of more than 8% from the previous closing price. The company announced that the Rs 110 crore buyback will be done through the tender route on a proportionate basis for 9.46% of its total stake. The record date to determine the eligibility of shareholders who can tender shares as part of the buyback was fixed on May 20 (Wednesday).
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4/5
CMS Info Systems share buyback
CMS Info Systems last week fixed May 22 (Friday) as the record date for its Rs 168-crore share buyback. The company aims to repurchase over 49 lakh shares, representing 3% of its total stake, at a buyback price of Rs 340 per share. This implies a premium of more than 12% from the stock’s previous closing price.
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CyberTech Systems and Software share buyback
CyberTech Systems and Software last week fixed May 29 (Friday) as the record date for its Rs 14.45-crore share buyback. The company aims to repurchase 8.5 lakh shares, representing 9.81% of its total stake, at a buyback price of Rs 170 per share. This implies a premium of more than 23% from the stock’s previous closing price.