SIS gallops after board OKs Rs 100 cr share buyback

SIS rallied 6.34% to Rs 453.15 after the company said its board approved a proposal to buyback equity shares worth upto Rs 100 crore at Rs 550 each.

The company will buyback shares at Rs 550 each. The aggregate consideration of the buyback will not exceed Rs 99,99,99,550. The resultant equity shares to be bought back at the buyback offer price are 18,18,181 equity shares, representing 1.24% of the total number of equity shares in the total paid-up equity capital of the company as on 31 March 2020.

The board noted the intention of the promoters and members of the promoter group of the company to participatein the proposed buyback. As of 12 February 2021, the promoters & promoter group held 73.10% stake while foreign investors held 14.43% stake. The announcement was made after market hours yesterday, 15 February 2021.

SIS's consolidated net profit jumped 26.5% to Rs 99.02 crore on a 8.2% rise in net sales to Rs 2,357.51 crore in Q3 FY21 over Q3 FY20.

SIS is a market leader in security, facility management & cash logistics solutions with operations across India, Australia, Singapore and New Zealand.

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