Air cooler maker Symphony Limited on Wednesday informed that its board has approved a proposal for the amount not exceeding ₹200 crore buyback through tender offer from the existing shareholders of the company at a price of ₹2,000 per share. In a regulatory filing, the company informed that the board approved the proposal for buyback of upto 10,00,000 equity shares representing 1.43 per cent of the total number of equity shares with face value of ₹2 each. The buyback offer price is fixed at a premium of 109 per cent from the closing price of the shares on February 1. The offer “shall be subject to approval of members by way of special resolution,” the company said. As per the pre-buyback status, promoter holding in the company stood at 73.25 per cent, while foreign investors held 4.37 per cent, financial institutions held 11.25 per cent, and public shareholding was recorded at 11.13 per cent. Symphony posted standalone net profit of ₹52 crore for the quarter ended December 31, 2022 against ₹29 crore in the same quarter last year, up 79 per cent year-on-year. Revenues from operations stood at ₹223 crore ( ₹146 crore), indicating a growth of 53 per cent. Total expenses increased by 45 per cent to ₹168 crore (₹116 crore). Export revenues were steady at ₹25 crore for the quarter. Symphony shares gained about 8.5 per cent to end at ₹1047.30 on BSE Wednesday.

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