Shares of Cyient crashed nearly 6% on Wednesday after the stock turned ex-record date for its share buyback worth Rs 720 crore at a price of Rs 1,125 per share, implying a premium of around 24% over the previous closing price.
The engineering and technology services company had fixed June 17 (Wednesday) as the record date for its Rs 720 crore share buyback. Only those shareholders who own the company’s shares in their demat accounts as of today will be eligible to tender shares. This means that any investor taking fresh positions in the counter will likely get the shares credited tomorrow as per Sebi’s T+1 settlement rule, making them ineligible to participate in the buyback.
