The digital company announced a buyback of shares at a premium of 30 per cent. 5 key details here

 

• The buyback of shares has been announced at ₹3,050, while the current share price of the shares is around ₹2,350 per share

Share Buyback 2023: The Board of Directors of TeamLease Services Limited - a diversified digital commercial company has approved the buyback of shares, subject to shareholders' approval. The company informed the Indian markets in this regard and said that the TeamLease share buyback price has been fixed at ₹3,050 per equity share. The buyback will be through the tender route. Today TeamLease share price is around ₹2,350 per share, which means that the company has offered to buyback shares at a huge discount of 30 per cent.

Informing the Indian exchanges about the share buyback, TeamLease Services Limited said, "We wish to inform that the Board of Directors of TeamLease Services Limited, at its meeting held today i.e. February 03, 2023, inter alia, have considered and approved, subject to the approval of the Shareholders, a proposal for buyback of fully paid-up Equity Shares of the Company of face value of ₹10/- each not exceeding 3,27,869 Equity Shares (out of the total paid-up Equity Shares of the Company) capital) as on March 31, 2022) (which shall be less than 25% of the aggregate of the total paid-up share capital and free reserves of the Company based on the latest audited financial statements of the Company as on March 31, 2022) standalone and consolidated basis) ("Equity Shares" and such buyback "Buyback") from all shareholders / beneficial owners of equity shares of the Company, as on the record date, the latter, on a proportionate basis, through " To be decided. Stock Exchange(s) under the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended (“Buyback Regulations”) and such other circulars or notifications issued by the Securities and Exchange Board of India using the “tender offer” route, mechanism in accordance with the Exchange Board of India and the Companies Act, 2013 and the rules made thereunder, as amended from time to time (the "Act"), at a price of ₹3050 (Three Thousand Fifty Only) per Equity Share through (the “Buyback Offer Price”), payable in cash, for an aggregate amount not exceeding ₹ [100 crores] (Indian Rupees One Hundred Crores), taxes payable under the Income-tax Act, 1961 and the buyback made or to be made Excluding any expenses incurred. Brokerage cost, fees, turnover charges, taxes like tax on buyback, securities transaction tax and goods and services tax (if any), stamp duty, SEBI filing fee, stock exchange fee, advisory/legal fee, printing and Remittance expenses, if any, public announcement publication expenses and other incidental and related expenses and charges (“Transaction Costs”) which represent an aggregate of 14.79% and 14.50% of the paid-up capital of the Company and free reserves as per standalone and consolidated respectively Audited Financials of the Company for the year ended 31st March, 2022."