Infobeans Technologies Limited buyback of 4,31,711 Lakhs equity shares which is around 1.80% of all the existing number of equity shares at a price of ₹232 per equity share. The buyback offer not exceeding of ₹10.01 crore of total buyback offer size.
Infobeans Technologies Limited Buyback Important Dates
In this section we have covered all important dates related to “Infobeans Technologies Limited Buyback Date”. Dates are updated as they are announced. The most noted dates are Infobeans Technologies Limited record date and Infobeans Technologies Limited buyback open and close dates, which one should use to participate in buyback.
|Board Meeting for Infobeans Buyback proposal
|Infobeans Buyback Approval date
|Public Announcement of Infobeans Buyback
|Infobeans Buyback Record Date
|Infobeans Buyback opens on/Buyback Opening Date
|Infobeans Buyback closes on/Buyback Closing Date
|Cut-off date to receive completed tender forms by Registrar
|Cut-off date for verification by the Registrar
|Cut-off date to inform Stock Exchange on acceptance or
non-acceptance of tendered Equity Shares by Registrar
|Last date of settlement of bids on the stock exchange
|Last date to return unaccepted shares by Registrar
|Last date of extinguishment of Equity Shares
Note: If anything you want to know about the buyback offer you can refer the Infobeans Technologies Limited buyback offer documents. Click Here
How to Participate in Infobeans Technologies Limited buyback?
1. Firstly, to be eligible for the buyback the investor should have shares of SIS Limited in demat or physical form as on record date (not announced)
2. Once you have shares in demat, you can participate in the buyback process which is opening from [Not Announced], by selling your shares through your broker on NSE or BSE.
3. Then on [Not Announced] the payment will be given to you for accepted shares and unaccepted shares will be returned to your demat account.
Checkout Current Infobeans Technologies Limited Shares market price on NSE and BSE: SIS Limited
The Infobeans Technologies Limited approved a proposal for buyback of up to 4,31,711 Lakh fully paid-up Equity Shares of the Company of face value Rs. 10 each, being 1.80% of the total issued and paid-up equity share capital of the Company as per the audited consolidated and standalone condensed interim financial statements (“Audited Condensed Interim Financial Statements”) as on 31.03.2020, for an aggregate amount not exceeding Rs. 10.01 Cr, which is not exceeding 25% of the aggregate of the total issued and paid-up equity share capital and free reserves as per the Audited Condensed Interim Financial Statements of the Company as at and for the period as on 31.03.2020 at Rs.232 per share via ” Tender Route”.
About Infobeans Technologies Limited :
InfoBeans is a CMMi level 3 software services company developing business applications for web and mobile.InfoBeans was incorporated in the year 2000 (fka “InfoBeans Systems India Private Limited” until 2015) having its delivery centers in Indore and in Pune (EON Free Zone). In USA which is its primary market, it operates through its subsidiary InfoBeans, Inc. with its registered office in San Francisco and sales office in Atlanta. In 2015 two more subsidiaries are formed, InfoBeans Technologies Europe GmbH in Eschborn, Germany and InfoBeans Technologies DMCC in Dubai.
NECESSITY OF BUYBACK By Infobeans Technologies Limited
The Buyback is being undertaken by the Company after taking into account the operational and strategic cash requirements of the Company in the medium term and for returning surplus funds to the Shareholders in an effective and efficient manner. The Buyback is being undertaken for the following reasons:
(i) The Buyback will help the Company to distribute surplus cash to its Shareholders holding Equity Shares thereby enhancing the overall return for them;
(ii) The Buyback, which is being implemented through the tender offer route as prescribed under the Buyback Regulations, would involve a reservation of up to 15% of the Equity Shares, which the Company proposes to buyback, for small shareholders or the actual number of Equity Shares entitled as per the shareholding of small shareholders on the Record Date, whichever is higher. The Company believes that this reservation for small shareholders would benefit a significant number of the Company’s public shareholders, who would be classified as “Small Shareholders”;
(iii) The Buyback is generally expected to improve return on equity through distribution of cash and improve earnings per share by reduction in the equity base of the Company, thereby leading to long term increase in shareholders’ value; and
(iv) The Buyback gives an option to the Eligible Shareholders to either (A) participate in the Buyback and receive cash in lieu of their Equity Shares which are accepted under the Buyback, or (B) not to participate in the Buyback and get a resultant increase in their percentage shareholding in the Company post the Buyback, without additional investment.
Company Contact Information
Crystal IT Park, STP-I 2nd Floor, Ring Road,
Contact Person: Ms. Surbhi Jain, Company Secretary and Compliance Officer