Buyback update – https://www.bseindia.com/xml-data/corpfiling/AttachLive/00406cbe-371b-4ecb-ba0b-0d6a8bc4c50b.pdf
Promoter group tendering 3.6 crore of the 4.6 crore shares proposed for buyback. Post buyback (assuming all 4.6 crore shares are tendered), promoter holding will go down from 69.41% to 67.55% or so, as per my calculations. Promoter group will get about 270 crores at the buyback price of Rs. 75 per share.
Not sure what newsprint prices are currently, various articles seem to indicate they are staying stubbornly high. I was hoping for a stronger correction which has not played out.
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