Shares of Triveni Engineering have made a record date of buyback this week. key things to know | Jobs Vox


Triveni Engineering & Industries Limited recently announced an Offer for Buyback of Equity Shares of the company for an aggregate amount of Rs. 800 crores. The record date for the same has been set as Friday, December 23, 2022.

“The Board of Directors in its meeting approved the proposal for buyback of equity shares 350/- per equity share not exceeding the aggregate amount 800 crore through tender offer from the shareholders of the company on a proportionate basis,” the company informed in an exchange filing.

Triveni Engineering said that “the company has decided on Friday, December 23, 2022, for the purpose of determining the eligibility and the names of holders of equity shares who will be eligible to participate in the buyback.” The closure period for the buyback will be from December 16 to 22.

A share buyback, also known as share repurchase, is a corporate action to buy back its own outstanding shares from its existing shareholders, usually at a premium to the prevailing market price. This can be an alternative tax-efficient way of returning money to shareholders. Share buybacks reduce the number of shares in circulation, which can increase share price and earnings per share (EPS).

“As per the shareholding data of the Annual Report 2022, individual investors meeting the above criteria held approximately 94,30,959 shares, indicating an acceptance ratio of approximately 36.4% for retail investors. Thus, the overall acceptance ratio looks quite reasonable for retail investors. However, please note that the acceptance ratio is dynamic in nature and may change on the record date,” Anand Rathi said in a note.

Triveni Engineering & Industries Limited is a leading player in sugar, power, alcohol, ethanol, gearbox, defense equipment, water and waste water treatment. The stock has gained more than 30% this year.

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