Tender Offer | ₹200.00 Crores | Listed at BSE, NSE | Wed, May 3, 2023 - Wed, May 17, 2023
Symphony Ltd. Buyback is a tender offer for the repurchase of up to 0.10 crore equity shares at a buyback price of ₹2000 per share with a face value of ₹2 per share, aggregating to ₹200.00 crores.
The record date for determining eligible shareholders is Mar 29, 2023. Shareholders holding equity shares as on the record date are eligible to participate in the buyback.
The buyback opens on May 3, 2023 and closes on May 17, 2023, with the last date for receipt of tender forms being May 17, 2023.
The finalisation of buyback acceptance is expected on May 25, 2023, followed by settlement of bids on May 26, 2023.
Ambit Pvt.Ltd. is the Manager to the Buyback and Bigshare Services Pvt.Ltd. is the Registrar and Ambit Capital Private Limited is the Registered Broker to the Buyback.
Investors are advised to refer to the Symphony Ltd. Letter of Offer for detailed information, including eligibility criteria, entitlement ratio, acceptance methodology, and tax implications.
Offer Opening Date
Wed, May 3, 2023
Offer Closing Date
Wed, May 17, 2023
Buyback Price
₹2000 per share
Record Date
March 29, 2023
| Category | Entitlement Ratio of Buyback | Shares Offered |
|---|---|---|
| Reserved Category for Small Shareholders | 9 Equity Shares out of every 92 Fully paid-up Equity Shares held on the Record Date. | 150,000.00 |
| General Category for all other Eligible Shareholders | 1 Equity Shares out of every 80 Fully paid-up Equity Shares held on the Record Date. | 850,000.00 |
| Period Ended | Total Assets | Total Revenue | Profit After Tax |
|---|---|---|---|
| 31-Mar-20 | 1,064.00 | 1,157.00 | 182.00 |
| 31-Mar-21 | 1,220.00 | 931.00 | 107.00 |
| 31-Mar-22 | 1,367.00 | 1,079.00 | 121.00 |
| Amount in ₹ Crore | |||
Symphony, an Indian Multi-National Compan and world's largest manufacturer of air-coolers. The company's product portfolio includes Household Coolers, Comercial Cooler, Large Space Venti-Cooler and Towers Fans. The company has offices in more than 60 countries.
Symphony Limited was started in 1988 in Gujarat, India. It created a new type of evaporative air-cooling in India and took it all over the world.
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Feb-2023 | 1,174.85 | 948.00 | 1,051.97 |
| Jan-2023 | 1,004.95 | 900.05 | 959.76 |
| Dec-2022 | 950.35 | 870.00 | 914.00 |
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Feb-2023 | 1,175.00 | 948.00 | 1,051.93 |
| Jan-2023 | 1,006.00 | 907.20 | 960.03 |
| Dec-2022 | 949.00 | 870.00 | 914.21 |
The Buyback is being undertaken for the following reasons:
Symphony Ltd.
“Symphony House”, FP-12,
TP-50, Off S.G. Highway, Bodakdev,
Ahmedabad -380 059,
Ahmedabad, Gujarat, 380059
Lead Manager(s)
Registered Broker
The Symphony Buyback opens on May 3, 2023, and closes on May 17, 2023.
Last date to be eligible to participate in buyback is March 28, 2023.
The Symphony Buyback is a Tender Offer.
Symphony Buyback Schedule
| Buyback Opening Date | May 3, 2023 |
| Buyback Closing Date | May 17, 2023 |
| Last Date for receipt of Tender Forms | May 17, 2023 |
| Finalisation of Buyback Acceptance | May 25, 2023 |
| Last Date for settlment of bids | May 26, 2023 |
| Last Date for Extinguishment of Shares | June 2, 2023 |
The Symphony Buyback is being offered at Rs ₹2000 per share.
| Category | Entitlement Ratio of Buyback | Shares Offered |
|---|---|---|
| Reserved Category for Small Shareholders | 9 Equity Shares out of every 92 Fully paid-up Equity Shares held on the Record Date. | 150,000.00 |
| General Category for all other Eligible Shareholders | 1 Equity Shares out of every 80 Fully paid-up Equity Shares held on the Record Date. | 850,000.00 |
The issue size of Symphony Buyback is 10,00,000 equity shares at ₹2000 per share aggregating up to ₹200.00 Crores.
The Buyback is being undertaken for the following reasons:
All the eligible Shareholders of the Company holding either Physical Shares or Demat Shares as on the Record Date can participate in the buyback offer through their Stock Broker.
The eligible shareholder holding the shares in Demat form needs to inform their broker the details of the Equity shares they wish to tender in the Buyback Offer. The shareholder needs to transfer the tendered shares to a Special account of the clearing corporation. The broker, in turn, would place an order on the stock exchange for the buyback.
The eligible shareholder holding the shares in physical form needs to approach their broker with original share certificates and supporting documents. Upon completion of document verification, the broker places an order on the stock exchange and submits the original share certificate and TRS to the registrar.
The tender form and TRS are optional in the case of Demat shares but mandatory in the case of physical shares.
The Symphony Buyback offers an opportunity for the shareholders to exit their positions at a premium price. In case you stay invested you would have an increased percentage of shareholding in the company and improved earnings per share. Thus, one should understand the company fundamentals along with one's need, goals, and risk appetite to decide if one wants to stay invested or participate in the buyback offer.
