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Mphasis board agrees to Rs988cr buyback plan

The buyback will be undertaken at a maximum price of Rs1,350 per equity share.

IT company, Mphasis, in an exchange filing, has informed that its board has approved the proposal for buyback of equity shares from all the existing shareholders of the company on a proportionate basis through the “tender offer” method.

This will be done in accordance with the provisions of Securities and Exchange Board of India (Buy-Back of Securities) Regulations (the “Buy-back Regulations”) and the Companies Act, 2013.

The buyback will be undertaken at a maximum price of Rs1,350 per equity share. This will aggregate to an amount not exceeding Rs988cr and excludes any expenses incurred in relation to the buyback, that is, brokerage, applicable taxes such as securities transaction tax, service tax, stamp duty, advisers’ fees, printing and dispatch expenses and other incidental and related expenses.

Thus, a total of 73 lakh equity shares of Rs10 each will be brought back. Meanwhile, the board has constituted a Buy-back Committee for overseeing the proposed buyback.

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