Share Buyback: Tips Industries to repurchase stock worth ₹37 crore via tender offer route

The buyback price of ₹625 is a 21.3% premium to Tuesday's closing price. Tips Industries will carry out the share buyback via the tender offer route.

A tender offer buyback is the one in which the company announces a fixed price at which it will buyback shares from the existing shareholders. You can read more on that here.

The music content company's net profit increased 72% in the December quarter to ₹35 crore from the previous year. Its revenue came in at ₹65 crore, 27% more than the previous year.

In the second half of December, around 85.82 lakh shares or 6.7% equity of the company changed hands in block deals at an average price of ₹344 per share, taking the total deal size to around ₹299 crore.

In April 2023, Tips Industries had split one stock of ₹10 into 10 shares of ₹1 each.

Tips Industries shares were trading 1.83% lower at ₹505 apiece at 2.40pm on Wednesday, February 28. The stock has gained 17.11% in the past month, 54.41% in the last six months and 235.61% in the past year.