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Tech Mahindra announces first ever share buyback(Mega Buyback Approved)

Tech Mahindra to buyback shares at 15.79% premium for Rs 1,956 crore.

Tech Mahindra Limited is a multinational company headquartered at Pune and has its registered office in Mumbai.

Tech Mahindra represents the connected world, offering innovative and customer-centric information technology experiences, enabling Enterprises, Associates and the Society to Rise.

Details of Buyback:

Approved the proposal to the buyback of not exceeding 20,585,000 equity shares (representing 2.10% of the total number of equity shares in the paid-up share capital of the Company) at a price of Rs. 950 per equity share (the “Buy Back Offer_Price”) payable in cash for an aggregate consideration not exceeding Rs. 1,956 Crore (the “Buyback Offer Size”) through ” Tender Offer“.

Buy Back Offer Deal:

Buyback Type: Tender Offer
Buyback Record Date: Mar 06 2019
Date of Board Meeting approving the proposal: Feb 21 2019
Date of Public Announcement: Feb 21 2019
Buyback Offer Size: 2.10%
Buyback Number of Shares: 20,585,000
Price Type: Tender Offer
FV: 5
Buyback Price: 950 Per Equity Share

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Tech Mahindra to buyback shares at 15.79% premium.

Tech Mahindra Buyback Eligible Share Holders:
The investors are eligible of the buyback scheme who have Tech Mahindra shares in their Demat account as record date 06-March-2019. Investors can participate in the Tech Mahindra Buyback 2019 scheme as per the opening form by selling your shares. The payment will be given as per the accepted shares by the company under the Tech Mahindra buyback scheme.
Following the announcement, shares of the company closed 1.07 per cent higher at Rs 820.40, against a previous closing level of 811.75, on the Bombay Stock Exchange. During the day’s trade, stock touched an intra-day high of 840.10 after opening at Rs 814.50.

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