R Systems International Limited announces an Equity Buyback for 3,690,000 shares, representing 2.98% for INR 239.85 million.
January 15, 2019 at 02:22 am
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R Systems International Limited (BSE:532735) announces a share repurchase program. Under the program, the company will repurchase up to 3,690,000 shares, representing 2.98% of its issued shares for INR 239.85 million. The shares will be repurchased at a purchase price of INR 65 per share. The purpose of the repurchase program is to distribute surplus cash to the shareholders, to improve the financial ratios like earnings per share and return on equity, to provide the shareholders with an option to sell their shares and receive cash in lieu of their shares, to increase the shareholding of those shareholders who do not intend to participate in the buyback. The program will be funded from company's current cash balance and cash equivalents, internal accruals of the company, free reserves and other sources permitted by law through Tender Offer route. The shares will be paid in cash. The promoter and promoter group have expressed their intention to participate in the offer. The company has fixed the record date as February 1, 2019, for the purpose of the buyback. The plan is valid till March 29, 2019. As of January 15, 2019, the company has 123,990,425 shares in issue.
R Systems International Limited is a provider of technology, artificial intelligence, analytics and knowledge services. Its technology offerings include product engineering, cloud enablement, QA testing, Internet of Things (IoT), and digital platforms and solutions. Its segments include Information technology services and Business process outsourcing services. Its artificial intelligence (AI)/ Analytics services include advanced analytics, data monetization and modernization, machine learning/ artificial intelligence, business analytics, intelligent automation and modern data management. design services include UX engineering, visual design, mobile user experience and experience re-engineering. Its knowledge service offerings cover revenue cycle management, back-office service, technical support, and customer care using multi-lingual capabilities. It offers services and solutions to various business verticals, such as technology, telecom, and healthcare and life science.