SIS announces Rs 100 crore share buyback at Rs 550 per share

Representative photo

The Security Intelligence Services (SIS) announced a share buyback plan of Rs 100 crore on February 15. The private security firm, as per the proposal shared, would be buying back a total of 18,18,181 shares at a price of Rs 550 apiece.

The shares being bought represent 1.23 percent of the total number of fully paid-up equity shares, the company said in a press release.

The shares of SIS closed at Rs 431.50 on February 12. The amount of Rs 550 being offered under the buyback proposal is 31 percent higher than the last closing price.

SIS, which is India's largest facility management company and second largest cash logistics provider, recorded cash flows in excess of Rs 550 crore in the first three quarters of financial year 2021-22.

"The company had a very strong year for cash flows, generating over Rs 550 crore of operating cashflow during the first nine months of FY21 and this buyback is intended to reward shareholders who have supported SIS over the years," it said.

Largely unaffected by the pandemic in India, SIS continued to operate in 630 districts of the country and catered to over 7,000 clients. The company "remains among the top 5 private sector employers in the country", the statement added.