Key facts
- Cyient's Rs 720 crore share buyback is in its final stages.
- June 16 is the last day to purchase shares to be eligible for the buyback.
- The record date for the buyback is June 17.
- The company will repurchase shares at Rs 1,125 per share.
- Shareholders approved the buyback, which allows for the repurchase of up to 64 lakh shares.
Cyient's share buyback program, valued at Rs 720 crore, is approaching its deadline, with June 16 identified as the final day for investors to purchase shares to be eligible for the corporate action. The record date for determining eligible shareholders is June 17. The company intends to repurchase its shares at Rs 1,125 apiece, a price that represents a premium of over 25% compared to its previous closing price. This marks Cyient's first share buyback since 2019. The buyback allows for the repurchase of up to 64 lakh shares. Shareholders have approved the buyback, and details regarding entitlement ratios will be announced later. Despite the buyback, Cyient shares saw a slight decline of over 1% on Tuesday, trading at Rs 886. Analysts at Emkay have maintained a 'Reduce' rating on the stock, though they have raised their price target to Rs 900, citing concerns about growth slowdown due to macroeconomic headwinds.