MPS Limited announces an Equity Buyback for 566,666 shares, representing 3.04% for INR 340 million.
August 11, 2020 at 05:32 pm IST
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MPS Limited (BSE:532440) announces a share repurchase program. Under the program, the company will repurchase up to 566,666 equity shares, representing 3.04% of its issued share capital for INR 340 million. The shares will be repurchased at a price of INR 600 million. The company has fixed August 24, 2020, as the record date for the offer. The buyback will be met out of internal accruals, retained earnings, cash and bank balances and investments made by the company. The purpose of the program is to return surplus funds to the equity shareholder/beneficial owner of the equity shares, to improve financial ratios and to achieve an optimal capital structure. The company fixed August 24, 2020, as the record date for the offer. The program is subject to receipt of such approvals, permissions and sanctions, as may be required under the applicable laws including from the SEBI and/ or the NSE and BSE. The repurchases will commence from September 16, 2020, and valid till September 29, 2020. As of June 30, 2020, the company has 18,616,926 are issued and outstanding.
MPS Limited is an India-based company, which is engaged in providing of platforms, content, and learning solutions for the digital world. The Company operates through two segments: Content solutions and Platform solutions. Its Content solutions segment is engaged in creating and developing content for print and digital delivery. It includes content authoring/development, content production, content transformation, fulfilment, and customer support services. Its Platform solutions segment is engaged in developing and implanting various software and technology services programs. The Companyâs platforms include DigiCore, MPSTrak, mag+, THINK360, ScholarStor, ScholarlyStats and MPSInsight. Its MPSTrak is a cloud-based production workflow and content management platform for all product types including books, journals, reference works, and all media. THINK360 is an end-to-end, cloud-based integrated platform that enhances the user's overall content management and delivery experience.