The IIFL Group company proposes to buyback shares at a price not exceeding Rs 54 each.
The board of directors of IIFL Securities on Friday (20 November 2020) approved a proposal to buyback upto 1.66 crore shares (5.21% of the total number of fully paid-up equity shares) at a price not exceeding Rs 54 per share, aggregating upto Rs 90 crore.
The company will purchase a minimum of 83,33,333 equity shares and will utilise at least Rs 45 crore for the proposed buyback (minimum buyback size).
As on 30 September 2020, the promoter and promoter Group held 29.77% stake while the public shareholders held 70.23% in the company.
The scrip advanced 0.88% to Rs 45.65 on Friday. IIFL Securities on Tuesday (17 November 2020), announced that its board will consider share buyback on 20 November 2020. Following the announcement, shares of IIFL Securities jumped 7.91% in three sessions to end at Rs 45.65 on Friday, from its close of 42.30 on 17 November 2020.
IIFL Securities along with its subsidiaries offers advisory and broking services, financial products distribution, institutional research and investment banking services.
The company's consolidated net profit jumped 104.9% to Rs 50.92 crore on 18% increase in total income to Rs 218.22 crore in Q2 September 2020 over Q2 September 2019.
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