Tips Music board approves up to INR 44.5 Cr share buyback at max INR 750 each
TIPSMUSIC · price
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On the reaction day the stock moved 1.2 pts less than Nifty Microcap 250 and 0.9 pts more than its Media & Entertainment peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Tips Music board approved buying back equity shares worth up to INR 44.5 Crores from public shareholders via open market route through stock exchanges. Maximum price set at INR 750 per share. This represents 14.87 percent of total paid-up capital and free reserves. Up to 5,93,333 shares (0.46 percent of paid-up capital) may be bought back. Minimum buyback commitment is INR 33.375 Crores. Promoters, promoter group and persons in control are excluded. Buyback is subject to shareholder approval via special resolution.
Open market buyback with cap of INR 750 may support share price; size is small at 0.46 percent of paid-up capital so dilution impact limited.