On Friday, shares of Matrimony.com surged 14 per cent to Rs 759.80 on the Bombay Stock Exchange (BSE) after the board has approved a buyback price of Rs 1,150 per share via a tender offer. In the last week, the stock has outperformed, which has raised 2 per cent against a 4 per cent decline in the S&P BSE Sensex.
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Today’s morning trade Matrimony.com has raised a high of 9 per cent at Rs 728.90, which compared to 0.92 per cent in S&P BSE Sensex.
“The board of directors, subject to approval by the shareholders of the company, has recommended a buyback of equity shares not exceeding Rs 75 crore at an indicative maximum buyback price not exceeding Rs 1,150 per equity share through the ‘tender offer’ route, on a proportionate basis,” Matrimony.com said.
The BOD has approved a buyback shares program to arrest and fall in the valuation of stock which reduces supply, which will push up the share price for better earnings (P/E) multiple.
