Security and Intelligence Services (SIS) Ltd, a private security firm in India, Australia and New Zealand on Monday 15th February declared a Rs 100 crore share buyback program with the purpose of rewarding shareholders.
The security, facility management and cash logistics solutions provider had a very fruitful year for cash flows, generating over Rs 550 crore of operating cash flow within the first nine months of FY2. The company in statement said that this buyback is planned as a decompensation for shareholders who have supported SIS over the years.
In a regulatory stock exchange filing, the company set up by Ravindra Kishore Sinha, stated that its board has agreed to the buyback of 18,18,181 shares at a price of Rs 550 per share which is a 31% premium above the closing price on Friday 12th February.
The shares being bought amount to 1.23% of the total number of fully paid-up equity shares.
SIS is a $1.2 billion Indian multinational with operations across nations — India, Australia, Singapore and New Zealand. The company services more than 7,000 clients in over 18,500 sites spread throughout 630 districts in India.
The stock price of SIS on the NSE was Rs 423.70 as of Monday 15th February, 3:30 PM (market closing) IST.
