Tips Music on Wednesday announced that its board has approved a share buyback worth Rs 44.5 crore where the music company will purchase up to 5.9 lakh fully paid-up equity shares at a price of Rs 750 per share through the open market route, implying a premium of more than 12% from the stock’s previous closing price.
The said number of shares represent 0.46% of the total number of equity shares in the existing paid-up equity share capital of the company. Notably, this is one of the first buybacks announced via the open market route after it was reintroduced by SEBI from August 1 onwards.
