Quick Heal Technologies on Wednesday said its board of directors approved a proposal to buy back up to 6,363,636 shares, representing a 9 percent of their overall equity, at Rs 275 per share for an aggregate amount of Rs 175 crore.
The share buyback plan is well within the cash in the company’s books, which stands at little more than Rs 500 crore. The promoter shareholding, in this case, stands at 72.3 percent. As of now, there is no clarity whether the promoters are looking to participate.
-Board approves tender buyback of up to 63.63 lakh shares i.e. 9.02% equity
-Buyback price: `275/sh
-Buyback size: `175 cr
-Cash on books at `511.4 cr
-Promoter shareholding at 72.33%
-Stock (RD)17% in the last 1 year-CMP at `225 vs IPO price at `321 in Feb 2016