SIS board approves buyback proposal worth Rs 100 crore; share gains 7 per cent
The shares of Security Intelligence Services (SIS) were trading up by 7 per cent during the early trade on Tuesday, a day after the company announced a share buyback plan of Rs 100 crore.
The private security company would be buying back a total of 18,18,181 shares at a price of Rs 550 per share, as per its filing to BSE on February 15, 2021. These shares represent 1.23 per cent of the total number of fully paid-up equity shares, the company said in a press release. The amount of Rs 550 being offered under the buyback proposal is 29 per cent higher than Monday’s closing price.
SIS, which is India's largest facility management company and second-largest cash logistics provider, recorded cash flows above Rs 550 crore in the first three quarters of the financial year 2021-22.
Largely unaffected by the pandemic in India, SIS continued to operate in 630 districts of the country and cater to over 7,000 clients while at present, remains among the top 5 private sector employers in the country.
However, at 1.58 pm today, the company’s stock was trading at Rs 434.20, up by 1.89 per cent. The 52-week high is recorded at Rs 624.10 while its 52-week low is Rs 313.65 on BSE.