Cosmo First Limited announces buyback of equity shares at Rs 1,070 per share
Cosmo First Limited announced today yet another buyback of fully paid-up equity shares through a tender route from the existing shareholders on a voluntary and proportionate basis.
The buyback price is fixed at Rs 1,070 per share (face value Rs 10 per share) representing a premium of 42% over the closing price as on Nov 28th, 2022 being the date on which the Company has intimated the stock exchanges its intention to consider the buyback proposal.
The buyback will be up to 10.09 lakhs shares with a buyback size of Rs 108 crores (excluding taxes and transaction costs) and shall be funded with surplus cash.
Commenting on the buyback rationale, Mr. Ashok Jaipuria, Chairman & Managing Director, said “Cosmo has always believed in sharing prosperity with its shareholders. The buyback reflects strong cashflows and management’s confidence in continued growth prospects in all its business verticals. The buyback will lead to further improved EPS, ROE and ROCE”.
The Board fixed December 14th, 2022 as the record date for the purpose of ascertaining the eligibility of the shareholders for the buyback.