Home » Tips Industries announces Rs 37.2 crore share buyback at a premium of 21.3% – Market News

Tips Industries announces Rs 37.2 crore share buyback at a premium of 21.3% – Market News

by UNN Feed

In a recent board meeting held on Wednesday, Tips Industries has given the green light for a buyback of its equity shares. The company plans to repurchase up to 5.95 lakh equity shares, amounting to a total worth of Rs 37.2 crore. The buyback price is set at Rs 625 per share, representing a substantial 21.3% premium over Tuesday’s closing price.

The record date for the share buyback is yet to be determined. The buyback will be executed through the tender offer route, wherein the company announces a fixed price at which it intends to buy back shares from existing shareholders.

Tips Industries, a prominent music content company, witnessed a remarkable 72% surge in net profit during the December quarter, reaching Rs 35 crore compared to the previous year. The revenue for the same period stood at Rs 65 crore, reflecting a 27% increase from the previous year.

In a noteworthy development in December, around 85.82 lakh shares, equivalent to 6.7% of the company’s equity, changed hands in block deals at an average price of Rs 344 per share. The total deal size amounted to approximately Rs 299 crore.

It is worth mentioning that in April 2023, Tips Industries implemented a stock split, dividing one share of Rs 10 into 10 shares of Rs 1 each.

On the closing basis on Wednesday, February 28, Tips Industries shares were ended at Rs 499.90 apiece, marking a 2.82% decline. Despite this, the stock has demonstrated robust performance, gaining 17.11% in the past month, 54.41% in the last six months, and an impressive 235.61% in the past year.

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