Tracxn Technologies Limited has informed the Exchange regarding Notice of Postal Ballot
TRACXN · price
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Tracxn Technologies has sent a Postal Ballot Notice to shareholders seeking their approval for a buyback of up to 11,42,857 equity shares (1.07% of total paid-up capital) at ₹70 per share, aggregating to about ₹8 crore. The buyback will be carried out through the tender offer route via the stock exchange mechanism and represents 23.70% of the company's paid-up equity capital and free reserves. Since the size exceeds 10% of capital and free reserves, it requires approval via a special resolution. E-voting begins on June 4, 2025 and ends on July 3, 2025, with May 30, 2025 as the cut-off date. The buyback will be funded from securities premium and free reserves, with no borrowed funds used.
Shareholders as on the May 30, 2025 cut-off date are eligible to participate in the buyback through the tender offer, which may provide them an opportunity to exit at a fixed price. The buyback is relatively small (about 1.07% of equity) and is aimed at returning surplus cash and improving capital structure, which could be mildly positive for the stock.