Vikay Kedia Stock Sets Record Date For Rs 107.99 Cr Buyback Plan: Do You Own?

Siyaram Silk Mills is a small cap company dealing in the consumer discretionary sector. The company's Board of Directors approved a share buyback plan comprising 16,61,530 fully paid-up equity shares in August. The face value of each of these shares is Rs 2, and the buyback price has been fixed at Rs 650 per equity share, payable in cash. This buyback's total consideration would not be more than Rs 107.99 crore. 16.6 lakh equity shares or 3.54 per cent of the company's total equity shares are the buyback plan of Siyaram Silk Mills.

The merchant banker for the buyback plan has been designated as Vivro Financial Services Pvt. Ltd. The company's promoters and promoter group will also take part in the buyback via the tender route. The company has established a record date for the purposes of the aforementioned buyback programme.

"We wish to inform you that in accordance with Regulation 42 of Listing Regulations and Regulation 9(i) of the SEBI (Buy-Back of Securities) Regulations, 2018, the Board of Directors of the Company has fixed the record date for the proposed Buy-back offer as Monday, 18th September, 2023," said Siyaram Silk Mills in a stock exchange filing for the purpose of determining the entitlement and names of equity shareholders, who shall be entitled to participate in the proposed offer for buyback of up to 16,61,530 equity shares of the company at the price of Rs 650/- per share.

On a consolidated basis, the firm reported revenue from operations of Rs 355.00 crore in the June 2023 quarter, a decrease of 11.06% from Rs 399.14 crore in the corresponding quarter of the previous year. Its first-quarter FY24 net profit was Rs. 9.99 crore, down 67.62% from Q1FY23's PAT of Rs. 30.85 crore. Its EBITDA declined by 48.05% from Rs. 59.25 crore in Q1FY23 to Rs. 30.78 crore in Q1FY24, and its EPS decreased to Rs. 2.13 from Rs. 6.58.

On Friday the shares of Siyaram Silk Mills opened on the BSE at Rs 538.95 apiece and while writing this copy the scrip was trading at Rs 531.25 with a downside gap of 0.56% over the previous close of Rs 534.25. The stock made a 52-week-high of Rs 592.00 on (05/12/2022) and a 52-week-low of Rs 400.00 on (29/03/2023). During Q1FY24, the company recorded promoters shareholding of 67.18%, FIIs stake of 2.39%, DIIs stake of 4.27% and public stake of 26.14%. As per the shareholding pattern of Siyaram Silk Mills for the April to June 2023 quarter, ace investor Vijay Kishanlal Kedia held 5,05,000 shares which is 1.08 per cent of the total paid-up capital of the company.