Tech Mahindra Limited has announced the buyback of 2,05,85,000 equity shares from the shareholders at a price of Rs 950 per equity share. The record date for this buyback offer is 6th March 2019. Tech Mahindra Buyback 2019 offer starts on 25th March 2019 and it closes on 5th April 2019. The board meeting of the company was held on 21st February 2019. in which this buyback was approved by the board of directors. The last date for the extinguishment of equity shares is scheduled as 23rd April 2019.
Tech Mahindra Limited, a part of Mahindra Group, is India’s multi-national IT company. It provides IT enabled services including networking technology solutions and BPO services to various industry classes. This company is the highest ranked Non-U.S. company in the Forbes Global Digital 100 list (2018) and in the Forbes Fab 50 companies in Asia (2018). Tech Mahindra is a USD 4.9 billion company with more than 121,840 professionally skilled employees. The business of this company is spread across 90 countries, through which it is dealing with more than 935 global customers including Fortune 500 companies.
Tech Mahindra Buyback 2019 – Offer Details
| Offer Type | Buyback of Fully Paid-up Equity Shares |
|---|---|
| Record Date | 6th March 2019 |
| Buyback Starts | 25th March 2019 |
| Buyback Ends | 5th April 2019 |
| Number of Shares | 2,05,85,000 Equity Shares |
| Face Value | Rs 5 |
| Buyback Price | Rs 950 Per Equity Share |
| Maximum Buyback Size | Rs 1955.57 Crore |
| Broker of the Company | Kotak Mahindra Capital Company Limited |
| Designated Stock Exchange | BSE |
| last Date for the Extinguishment of Equity Shares | 23rd April 2019 |
Tech Mahindra Buyback 2019 –Necessity of the Buyback
According to the company, the following are the key objectives of this buyback:-
- To distribute surplus cash to the shareholders in order to enhance the overall return to shareholders.
- To benefit the small shareholders through a reservation of up to 15% for them in this buyback.
- It will improve the financial ratios such as earning per share and return on equity.
- It gives the options to the shareholders that either participate in the buyback offer and get cash in lieu of shares or do not participate in the buyback offer and avail the increased rates of shares.
Tech Mahindra Buyback 2019 – Shareholding Pattern of the Company
Tech Mahindra Buyback 2019 – Company Financials
Tech Mahindra Buy-back – Manager of the Buyback
The manager to the buy-back offer of Monte Carlo Fashions Limited is Kotak Mahindra Capital Company Limited.
Tech Mahindra Buy-back – Registrar of the Buyback
The registrar to the buy-back offer of Monte Carlo Fashions Limited is Link Intime India Private Limited.
Tech Mahindra Buyback 2019 – How to Participate
- You must have the equity shares of Tech Mahindra Limited bought before the record date, either in demat or in physical form.
- Follow the instructions given in the letter of offer.
- Participate in the offer through your stockbroker of which you are having the demat account.
- Wait till the last date of extinguishment.
- Either 100% of your participated shares will be bought by the company or it may be fractional.
- For bought shares, you will receive the cash in your demat and if some shares are not bought, you will get the remaining shares in your demat account.
Tech Mahindra Buyback 2019 – Letter of Offer
Click here to read the letter of offer for this buy-back by Tech Mahindra Limited.
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Tags: Tech Mahindra Limited, Buyback 2019
