SIS Limited announces share buyback at ₹404 each

SIS Limited shares dropped more than 3% on March 26 after the company announced a buyback of shares. The buyback will include up to 37,12,871 equity shares, which is about 2.57% of its total paid-up capital. The company's board approved this proposal during a meeting on March 25. The buyback is valued at ₹150 crore. It will purchase fully paid-up equity shares with a face value of ₹5 each. The buyback price is set at ₹404 per share, which is an 18% increase from the previous closing price of ₹342. The shares will be bought back on a proportionate basis through a tender offer. The company will announce the record date and timeline for the buyback later. However, this plan still needs approval from shareholders through a special resolution via postal ballot. More updates will follow.