Symphony Buyback 2023 description – Incorporated in 1988, Symphony is engaged in the manufacturing and trading of residential, commercial, and industrial air coolers in the domestic and international markets. It is the largest air cooler manufacturer in the world. 97% of the revenue comes from the sale of Air coolers.
The company outsources manufacturing and has long-standing engagements with 10+ vendors in India and abroad. It has one manufacturing facility in North America.
The company has 30000+ dealers and 1000+ distributors, having increased its presence from 500 towns to 5000+ towns in the last 8 years. It also has a presence in 60+ Countries.
Geographical Revenue Break up – FY 2022
- India – 49%
- Australia – 22%
- USA – 13%
- Mexico -10%
- Rest of the World – 6%
Symphony Share Buyback 2023 Details
| Symphony Buyback Dates | 3 – 17 May 2023 |
| Symphony Buyback Price | INR 2,000 per share |
| Market Price on Buyback Approval | INR 1,047.3 per share |
| Buyback Premium on Market Price | 90.97% |
| Buyback Offer Size (Shares) | 10,00,000 shares |
| Buyback Offer Size (Amount) | INR 200 crore |
| Offer Type | Tender |
| Promoter Participation | Yes |
| Face Value | INR 2 per share |
| Listing At | BSE, NSE |
Symphony Buyback Dates (Timeline)
| Board Meeting Intimation for Buyback Proposal | 2 February 2023 |
| Buyback Approval Date | 8 February 2023 |
| Public Announcement of Buyback | 17 March 2023 |
| Symphony Buyback Record Date | 29 March 2023 |
| Buyback Opening Date | 3 May 2023 |
| Buyback Closing Date | 17 May 2023 |
| Cut-off Date to receive completed tender forms by Registrar | 17 May 2023 |
| Verification Date by the Registrar | 25 May 2023 |
| Return of unaccepted shares by Registrar | 26 May 2023 |
| Extinguishment of accepted shares | 2 June 2023 |
Symphony Buyback 2023 Documents
Letter of Offer
Draft Letter of Offer
Public Announcement
Board Approval
Upcoming Share Buyback
Symphony Buyback Entitlement Ratio
| Shareholder Category | Entitlement Ratio | Entitlement Ratio (in %) |
| Small Shareholders (less than INR 2 Lakh on record date) | 9/92 | 9.78 |
| General category (for all other Eligible Shareholders) | 1/80 | 1.25 |
Small Shareholder is defined as shareholder who holds shares worth less than INR 2,00,000 as on record date.
Symphony Financial Performance
| FY 2020 | FY 2021 | FY 2022 | |
| Revenue | 1,103 | 900 | 1,039 |
| Total Expenses | 923 | 793 | 911 |
| Net income | 182 | 107 | 121 |
Calculation of Investment in Buyback
| Maximum market value of a share holder as on record date | INR 2,00,000 |
| Buyback price per share | INR 2,000 |
| Maximum shares for small shareholder (2,00,000/2,000) | 100 shares * |
| Closing price of stock as on 8 February 2023 | INR 1,047.3** |
| Maximum amount invested in buyback (INR 1,047.3 x 100 shares) | INR 1,04,730 |
** For simplicity, we have considered price on buyback approval date
Symphony Buyback Acceptance Ratio
| Shares Tendered | Buyback Entitlement | Acceptance ratio | Buyback Profit | Profit in % |
| 100 | 10 | 10 (100%) | 9,527 | 9.10 |
| 100 | 10 | 20 (200%) | 19,054 | 18.19 |
| 100 | 10 | 30 (300%) | 28,581 | 27.29 |
Registrar of Symphony Buyback 2023
BIGSHARE SERVICES PRIVATE LIMITED
Office No. S6-2, 6th Floor,
Pinnacle Business Park,
Next to Ahura Centre, Mahakali
Caves Road, Andheri East,
Mumbai – 400 093, Maharashtra
Phone:Â +912262638200
Email: [email protected]
Website: www.bigshareonline.com
Manager of Symphony Buyback 2023
AMBIT PRIVATE LIMITED
Ambit House, 449, Senapati Bapat Marg,
Lower Parel, Mumbai – 400 013
Tel: +91 22 6623 3030
Email: [email protected]
Website: www.ambit.co
Process to Participate in Symphony Buyback
All eligible shareholders of the company who own shares in the physical or demat form on the record date may participate in the buyback offer through their stockbroker. The eligible shareholders who hold the shares in demat form must notify their brokers of the details of the equity shares that they wish to tender in the buyback offer.
The shareholder must transfer the tendered shares to the clearing corporation’s Special account. In turn, the broker would place a buyback order on the stock exchange.
The eligible shareholders who own the shares in physical form must present their broker with the original share certificates and supporting documents. After document verification is complete, the broker places an order on the stock exchange and submits the original share certificate and TRS (Transaction Registration Slip) to the registrar.
Frequently Asked Questions
What are Symphony buyback dates?
Symphony share buyback opens on 3 May 2023 and closes on 17 May 2023.
Which type of buyback is Symphony’s buyback offer?
Symphony buyback is a tender offer.
What is Symphony’s buyback price?
Symphony buyback price is INR 2,000 per share.
What is Symphony’s buyback record date?
Symphony buyback record date is 29 March 2023.
What is Symphony buyback acceptance ratio?
Small shareholders are entitled to sell 9 shares to the company for every 92 shares held. Symphony buyback ratio is 1 share out of 80 shares for general category shareholders. Depending on the total number of shares tendered, actual acceptance ratio may be different.
