SIS Approves Buyback Of Shares Worth Rs 150 Crore

SIS Ltd. approved a buyback of shares not exceeding Rs 150 crore at Rs 404 apiece, according to an exchange filing on Tuesday.

The shares have a face value of Rs 5 per equity share, with around 37.1 lakh shares. The opening date for the buyback is set as June 12 and the closing date is June 18.

The last date of receipt of completed tender form and other specified documents including physical certificates by the registrar to the buyback has been set as June 18.

The deadline for verification of tender forms by the registrar to the buyback will be June 23. And the cut-off date for the completion of settlement of bids on the stock exchanges has been announced as June 25.

The firm had previously bought back shares on three separate occasions in April 2021, August 2022 and December 2023.

Shares of SIS closed 1.22% higher at Rs 374 apiece on the NSE, compared to a 1.1% fall in the benchmark Nifty. The stock had fallen 13.84% in the last 12 months and 16.75% on a year-to-date basis.

Five analysts tracking the company had a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 7.5%.