Security, facility management and cash logistics solutions provider SIS Ltd on Monday announced a Rs 100 crore share buyback programme aimed at rewarding shareholders.
The company had a very strong year for cash flows, generating over Rs 550 crore of operating cash flow during the first nine months of FY21 and this buyback is intended to reward shareholders who have supported SIS over the years, the company said in a statement.
In a stock exchange filing, the company said its board has approved the buyback of 18,18,181 shares at a price of Rs 550 per share which is a 31 per cent premium over the closing price on February 12.
The shares being bought represent 1.23 per cent of the total number of fully paid-up equity shares.
SIS is a $1.2 billion Indian multinational with operations across India, Australia, Singapore and New Zealand. The company services over 7,000 clients across over 18,500 sites spread across 630 districts in India.