Matrimony.com approves Rs 72 crore share buyback, stock up 3%
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The board of Matrimony.com has approved a share buyback of Rs 72 crore at a price of Rs 1,025 per share, which is a 27.5% premium over Thursday’s closing price. Following the announcement, the stock surged 3% to a day’s high of Rs 829.55. “Board approved the proposal of buyback of 7,02,439 fully paid-up equity shares of face value Rs 5 (Rupees Five only) each of the Company (“Equity Shares”) of an amount not exceeding Rs 720 Million (Rupees Seven Hundred and Twenty Million only),” said the company in a filing to the exchanges. Further details on the buyback process, record date, and timelines will be announced in due course. As on August 30, the pre-buyback shareholding of the company states that 51.6% of the shareholding rests in the hands of the promoter and the promoter group while the remaining 48.4% is with the public shareholders such as mutual funds, foreign investors etc. This is the second instance of Matrimony.com conducting a b...