Tender Offer | ₹71.40 Crores | Listed at BSE, NSE | Tue, Aug 27, 2024 - Mon, Sep 2, 2024
Symphony Ltd. Buyback is a tender offer for the repurchase of up to 0.03 crore equity shares, representing 0.41% of the total paid-up equity share capital at a buyback price of ₹2500 per share with a face value of ₹2 per share, aggregating to ₹71.40 crores.
The record date for determining eligible shareholders is Aug 21, 2024. Shareholders holding equity shares as on the record date are eligible to participate in the buyback.
The buyback opens on Aug 27, 2024 and closes on Sep 2, 2024, with the last date for receipt of tender forms being Sep 2, 2024.
The finalisation of buyback acceptance is expected on Sep 6, 2024, followed by settlement of bids on Sep 9, 2024.
Ambit Pvt.Ltd. is the Manager to the Buyback and MUFG Intime India Pvt.Ltd. is the Registrar and Ambit Capital Pvt Ltd 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
Tue, Aug 27, 2024
Offer Closing Date
Mon, Sep 2, 2024
Buyback Price
₹2500 per share
Record Date
August 21, 2024
| Category | Entitlement Ratio of Buyback | Shares Offered |
|---|---|---|
| Reserved Category for Small Shareholders | 10 Equity Shares out of every 421 Fully paid-up Equity Shares held on the Record Date. | 42,840 |
| General Category for all other Eligible Shareholders | 3 Equity Shares out of every 830 Fully paid-up Equity Shares held on the Record Date. | 2,42,760 |
Symphony Limited's revenue decreased by -3% and profit after tax (PAT) rose by 28% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | |||||||||||||||||||||||||||
| Assets | 1,217.65 | 1,403.38 | 1,367.15 | |||||||||||||||||||||||||||
| Revenue | 1,206.8 | 1,237.79 | 1,079.01 | |||||||||||||||||||||||||||
| Profit After Tax | 148.13 | 115.88 | 120.86 | |||||||||||||||||||||||||||
| Net Worth | 749.01 | 880.91 | 844.81 | |||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||
Symphony Limited is an Indian multinational company and the world's largest manufacturer of air coolers. The company's product portfolio includes Household Coolers, Commercial Coolers, Large Space Venti-Coolers, and Tower Fans. The company has offices in more than 60 countries. Symphony Limited was founded in 1988 in Gujarat, India. It introduced a new type of evaporative air cooling in India and expanded its innovation globally.
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Jul-2024 | 1,223.00 | 1,065.00 | 1,150.49 |
| Jun-2024 | 1,289.90 | 959.00 | 1,169.82 |
| May-2024 | 1,108.20 | 934.25 | 1,001.01 |
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Jul-2024 | 1,224.00 | 1,063.60 | 1,151.23 |
| Jun-2024 | 1,290.00 | 913.00 | 1,170.40 |
| May-2024 | 1,108.45 | 933.10 | 1,001.15 |
The Buy-Back is being undertaken, inter-alia, for the following reasons:
Symphony Ltd.
Symphony House, Third Floor
FP-12, TP-50, Off S.G. Highway, Bodakdev
Ahmedabad -380 059
Ahmedabad, Gujarat, 380059
Lead Manager(s)
Registered Broker
The Symphony Limited Buyback 2024 opens on August 27, 2024, and closes on September 2, 2024.
Last date to be eligible to participate in buyback is August 20, 2024.
The Symphony Limited Buyback 2024 is a Tender Offer.
Symphony Limited Buyback 2024 Schedule
| Buyback Opening Date | August 27, 2024 |
| Buyback Closing Date | September 2, 2024 |
| Last Date for receipt of Tender Forms | September 2, 2024 |
| Finalisation of Buyback Acceptance | September 6, 2024 |
| Last Date for settlment of bids | September 9, 2024 |
| Last Date for Extinguishment of Shares | September 19, 2024 |
The Symphony Limited Buyback 2024 is being offered at Rs ₹2500 per share.
| Category | Entitlement Ratio of Buyback | Shares Offered |
|---|---|---|
| Reserved Category for Small Shareholders | 10 Equity Shares out of every 421 Fully paid-up Equity Shares held on the Record Date. | 42,840 |
| General Category for all other Eligible Shareholders | 3 Equity Shares out of every 830 Fully paid-up Equity Shares held on the Record Date. | 2,42,760 |
The issue size of Symphony Limited Buyback 2024 is 2,85,600 equity shares at ₹2500 per share aggregating up to ₹71.40 Crores.
The Buy-Back is being undertaken, inter-alia, 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 Limited Buyback 2024 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.
