Matrimony.com shares soar 13.5% on plans to mull buyback

The plans for a buyback also tipped off a spike in volumes in the counter as six lakh shares changed hands on the exchanges so far.

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Matrimony.com shares surged 13.5 percent in early trade and hit a 52-week high of Rs 846.95 after the company announced plans to consider a buyback proposal. The company stated that its board will approve the buyback plan at its upcoming meeting on September 5.

Buoyed by this, at 09.35 am, shares of Matrimony.com were trading at Rs 813.65, though sharply off its 52-week highs but still up over 9 percent on the NSE. The plans for a buyback also tipped off a spike in volumes in the counter as six lakh shares changed hands on the exchanges so far, sharply higher than the one-month daily traded average of one lakh shares.

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If approved, this will mark the second buyback by Matrimony.com. The company previously executed a buyback of equity shares back in July 2022. Then, the company had approved a buyback plan with a final price of Rs 1,150 per share and a total offer size of Rs 75 crore. The company aimed to repurchase up to 6.52 lakh equity shares, which represent 2.85 percent of the company’s total paid-up equity share capital.

A buyback of shares is when a company purchases its own outstanding shares from the market using its accumulated profits or reserves. This process reduces the number of shares outstanding in the open market and also acts as a tool to return cash to investors.

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