“This is to inform you that Matrimony.com Limited (the “Company”) has dispatched the Letter of Offer for the Buyback to eligible shareholders holding Equity Shares on the record date i.e October 25, 2024,” said the company filing to the exchange.
This means that the investors who were the shareholders of the company as on October 25 will be eligible for the buyback offer.
The last date and time of receipt of completed tender forms is November 6 at 5 pm IST and the last date of settlement of the bids has been fixed as November 12.
This is the second instance of the company proceeding with a buyback. Matrimony.com had carried out a share buyback once prior to this in July 2022.
A share buyback usually occurs when a company uses its accumulated profits or reserves to purchase its own outstanding shares from the market. This reduces the number of shares available to the public and serves as a way to return cash to investors.Also read: Elcid Investments shares hit 5% upper circuit, continues record-breaking surgeFor the quarter ended June 2024, the company had reported a 1.4% YoY decline in its profit after tax (PAT) at Rs 14 crore while its revenue from operations were also down by 2.2% YoY to Rs 123 crore.
In the last one year, the stock has surged by 37.8%, while in the current year so far, the shares have increased by 38.38%.
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