IT services provider Mphasis today said its board has approved a share buyback plan worth up to Rs 1,103 crore.
“The board of directors of the company at its meeting…approved a proposal for buyback of equity shares from all existing shareholders of company on a proportionate basis through the tender offer method…at a maximum price of Rs 635 per equity share aggregating to an amount not exceeding Rs 1,1030 million,” Mphasis said in a BSE filing.
The resultant shares to be bought back with a maximum price is 1.73 crore equity shares of Rs 10 each (representing 8.26 per cent of the total paid-up equity share of the company), it added.
The board noted the intention of the promoter to participate in the buyback, it said, adding that a buyback committee has been set up for the purpose.
Promoters and promoter group hold 60.41 per cent share in the company, while public shareholding is at 39.59 per cent.
Last year, private equity firm Blackstone had bought a majority stake in Mphasis from Hewlett Packard Enterprise (HPE) for about USD 1.1 billion
The buyback is subject to shareholders and statutory approvals.
(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)