BackIndian IT stock's buyback of share starts today. 5 things you should know
Indian IT stock's buyback of shares will remain open till 18th October 2022
PremiumBuyback of shares 2022: Indian IT company Quick Heal Technologies' buyback of shares has opened today. As per the earlier announcement made by the cybersecurity software company buyback of shares will remain open till 18th October 2022. The cybersecurity company has announced buyback of shares at a price of ₹300 per equity share.
As per the information available on BSE website, "Trading Members and Custodian Members of the Exchange are requested to note the schedule of activities in respect of Offer to buy – Acquisition Window (BUYBACK) of shares of Quick Heal Technologies Ltd scheduled from Tuesday, October 4, 2022, to Tuesday, October 18, 2022, on the Exchange is as follows."
In latest exchange communication with stock market bourses, Quick Heals Technologies Ltd said, "In furtherance to our intimation dated July 21, 2022, the Company is undertaking the Buyback, in accordance with Article 9 of the Articles of Association of the Company and subject to the provisions of Section 68, 69, 70, 108 and 110 and all other applicable provisions, if any, of the Companies Act, 2013 (“Companies Act"), the Companies (Share Capital and Debentures) Rules, 2014 (“Share Capital Rules"), the Companies (Management and Administration) Rules, 2014 (“Management Rules"), the Securities Exchange and Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations") and the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, (“Buyback Regulations"), including any statutory modification or re-enactment thereof for the time being in force."
Here we list out key things in regard to Quick Heal Technologies buyback of shares:
1] Buyback share price: The Indian IT company has announced buyback of shares at ₹300 per equity share.
2] Buyback date: The company board has fixed opening of buyback on 4th October 2022 that will remain open till 188th October 2022.
3] Buyback nature: The buyback of shares will be tender-based in nature.
4] Entitlement for buyback of shares: Shareholders of small category, who held 83 fully paid up equity shares on record date of buyback (14th September 2022) are eligible to offer 10 shares in this buyback. However, shareholders of general category, entitlement would be 5 equity shares for each 61 fully paid up equity shares held on record date.
5] Buyback issue size: The company aims to buyback 50 lakh shares of the company distributing ₹150 crore from its reserves.
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