Quick Heal board OKs Rs 155-cr buyback plan

The board of Quick Heal Technologies on Wednesday approved a proposal to buyback shares of the company at Rs 245 a share.

The board of cybersecurity software company proposed to buyback 63,26,530 equity shares of the company (equivalent to 9.85% of the total paid-up equity share capital of the company) at Rs 245 a piece. The aggregate consideration of the buyback shall not exceed Rs 155 crore.

The buyback will be on a proportionate basis under the tender offer route. The buyback is subject to approval of the members by means of a special resolution through a postal ballot.

As of 5 March 2021, the promoter and promoter group held 72.83% stake in the company.

Quick Heal Technologies is one of the leading providers of IT security and data protection solutions with a strong footprint in India and an evolving global presence.

On a consolidated basis, the company reported a 24.3% fall in net profit to Rs 13.46 crore on a 6.35% rise in net sales to Rs 69.88 crore in Q3 FY21 over Q3 FY20.

The scrip surged 11.47% to end at Rs 204.10 on the BSE on Wednesday. In the past one month, the stock has zoomed 33.22% while the benchmark Sensex has declined by 0.06% during the same period.

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