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Shares of Security Intelligence Services (SIS) vaulted 9 per cent to Rs 465 on the BSE in Tuesday s intra-day session after the company on Monday, post market hours, announced a share buyback offer worth Rs 100 crore.
The company in an exchange filing on February 15, 2021, said that it would buyback 18,18,181 equity shares, representing 1.24 per cent of the total paid-up equity capital as on March 31, 2020.
The firm has set the buyback price at Rs 550 per share which is 29 per cent higher than its previous close of Rs 426.15.
The Board of Directors noted the intention of the promoters and members of the promoter group of the company to participate in the proposed buyback.
India s market regulator has allowed travel company Thomas Cook India to withdraw a share buyback offer, agreeing with the company that the coronavirus pandemic s financial impact had made the plan impossible . Thomas Cook’s board in February 2020 agreed to carry out a Rs 150-crore share repurchased programme, but lockdowns and travel restrictions disturbed that plan. The company approached the Securities and Exchange Board of India (Sebi) to withdraw the offer, citing cash burn during the June 2020 quarter. In an order on Thursday, Sebi said if Thomas Cook is compelled to carry out the buyback it will “result in an adverse effect on the business of the company and in turn, its shareholders. While treating this as a unique case, I am inclined to exercise powers under Regulation 28(i)(b) read with Regulation 28(iv) of the Buy–back Regulations, 2018 and allow the request for withdrawal.”