InvestorQ : Can you tell me about the buyback plans of Kalpataru Power Transmission and how much it has completed?
Dawn Cherian made post

Can you tell me about the buyback plans of Kalpataru Power Transmission and how much it has completed?

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Mitali Bhutta answered.
10 months ago
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Kalpataru Power Transmission announced that it had bought back 58.06 lakh equity shares for Rs.142.68 crore. That average price for this buyback worked out to approximately Rs.245.75 per share. The amount bought back till data represents 71.34% of the maximum buyback size for which the company had sought approval from the board.

The buyback announcement by Kalpataru had mentioned buy back of its equity shares from the open market via the stock exchange mechanism. The company had also stated that its aggregate buyback would not exceed Rs.200 crore.

After the completion of the buyback, the equity stake of promoter and promoter group has increased to 56.49% from 54.37% prior to the buyback. That is because the promoters did not participate in the buyback and instead opted to hike its stake in the company.

Kalpataru Power Transmission is one of the leading specialized EPC service providers in the power space. EPC refers to engineering, procurement and construction support for the power generation, transmission and distribution companies. This buyback also signals the commitment of the promoters to the company in the long term.

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