IndiaMART shares flat after Rs 500 crore buyback offer details revealed

IndiaMART said that the buyback, which will open on August 31 and close on September 6, won’t significantly impact profits.

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IndiaMART InterMESH shares remained steady at Rs 3,016.5 as of 9:19 AM on August 30. This stability followed the company’s release of information regarding its planned share buyback, which amounts to approximately Rs 500 crore. On August 23, IndiaMART Intermesh Ltd initially disclosed its buyback offer of 12.5 lakh equity shares, using a proportionate tender offer method.

The buyback will open on August 31 and close on September 6.

If there is full participation in the buyback, promoters’ and related group shareholding could rise from 49.22 percent to 49.34 percent, said IndiaMART. The public and non-promoter shareholding may fall from 50.78 percent to 50.66 percent of the post-buyback equity share capital.

IndiaMART said that the buyback won’t significantly impact profits, but it will reduce funds available for investment income. The company further said that the buyback won’t hinder growth opportunities or operational cash needs.

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Net profit for the company increased 93 percent Year-on-Year (YoY) to Rs 95 crore in the April-to-June quarter. Revenue increased 35 percent YoY to Rs 268 crore in the same period.

IndiaMART is India’s largest online marketplace, connecting buyers with suppliers. The online channel focuses on providing a platform for buyers, who can be SMEs, large enterprises as well as individuals.

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