Cyient's ₹720 crore buyback faces SEC approval hurdle
pre-market1 source ↓written by the desknot a recommendation
- equity share buyback
- ₹720 crore
- repurchasing
- 6.4 million shares
- each
- ₹1,125
Cyient Ltd announced that its proposed ₹720 crore equity share buyback is contingent on securing approval from the U.S. Securities and Exchange Commission (SEC). The buyback plan, which involves repurchasing up to 6.4 million shares at ₹1,125 each, is the company's first since 2019. This regulatory requirement arises due to the presence of U.S. resident shareholders, necessitating an application for exemptive relief to navigate complex cross-border rules.
Not investment advice. For informational purposes only.