Symphony shares trade ex-buyback as record date today. Details inside

Dr Reddy's Laboratories

After the company’s announcement of a share buyback programme totaling 200 crores in February 2023, shares of are now trading ex-buyback as of this Wednesday. The Symphony Ltd. board of directors set March 29, 2023, as the record date for the share buyback. At the start of the trading session, the stock was down more than 5% at $1,029 per share on the BSE.

Symphony’s buyback price has been set at $2,000 per share, which the business stated at a premium. The shares will be repurchased via tender procedure.

“This is with reference to our earlier intimations dated February 08, 2023 informing the Stock Exchanges that the Board of Directors approved the proposal of the Company to Buy-back 10,00,000 fully paid-up equity shares of the Company with a face value of INR 2/- through the “tender offer” route, each at a price of INR 2,000/- payable in cash, for an aggregate amount not exceeding INR 200,00,00,” the company said in a statement announcing the share

A share buyback, also known as a share repurchase, is an action taken by a corporation to repurchase its own outstanding shares from its current shareholders, typically at a premium to the current market price, and to cut the number of shares in circulation.

The air cooler and appliance manufacturer announced an 86% increase in consolidated net profit for the third quarter ended December 2022 (Q3) as compared to the third quarter of the previous year, which covered the months of October through December. When compared to the same quarter last year, operating revenue increased 35% to 277 crore from 205 crore. As comparison to the same period last year, total expenses for the quarter increased by 32% to 243 crore.