Cosmo First announces buyback of equity shares

Cosmo First has declared buyback of fully paid-up equity shares through a tender route from the existing shareholders on a voluntary and proportionate basis.

Ashok Jaipuria, chairman and managing director of Cosmo First
The buyback price is fixed INR 1,070 (13.17 USD) per share (face value INR 10 [0.12 USD] per share) representing a premium of 42 percent over the closing price as on November 28, 2022 being the date on which the company has intimated the stock exchanges its intention to consider the buyback proposal. 
 
The buyback will be up to 10,09,000 shares with a buyback size of INR 108 crores (13.29 million USD) (excluding taxes and transaction costs) and shall be funded with surplus cash. 
 
Ashok Jaipuria, chairman and managing director, said: ‘Cosmo has always believed in sharing prosperity with its shareholders. The buyback reflects strong cashflows and management’s confidence in continued growth prospects in all its business verticals. The buyback will lead to further improved EPS, ROE and ROCE.’ 
 
The Board fixed December 14, 2022 as the record date for the purpose of ascertaining the eligibility of the shareholders for the buyback. 

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