Symphony Buyback vs VRL Logistics Buyback 2023

The Buyback is being undertaken for the following reasons:

1. The Buyback will help the Company to return surplus cash to its shareholders holding Equity Shares.
2. The buyback consists of a reservation for the small shareholder. The company believes that this reservation for small shareholders would benefit a large number of public shareholders who would get classified as "small shareholders".
3. The buyback may help in improving return on equity, reduction in the equity base, thereby leading to a long-term increase in shareholders' value.
4. The Buyback gives an option to the shareholders holding Equity Shares of the Company, who can choose to participate and get cash in lieu of Equity Shares or they may choose not to participate and enjoy a resultant increase in their percentage shareholding, post the Buyback offer.

The Buyback offers the following advantages:

a) The Buyback will help the Company to return surplus cash to its shareholders holding Equity Shares broadly in proportion to their shareholding, thereby, enhancing the overall return to shareholders.

b) The Buyback may help in improving its return on equity, by reduction in the equity base, thereby leading to long term increase in shareholders' value.