Yes, from market direct purchase over a period. For eg, review recent buy back of Infosys to understand better.
If the price goes above 700 they will not buy more. Allocation of 210 crores to buy it. When they buy supply will reduce increasing the market price. But if a more broadbased market crash comes, the current levels can break and they buy cheaper. When shares get exhausted, no of outstanding shares reduce. This would increase the EPS more than profit increase. Since, promoters are not participating, the promoter share % will go up proportionately even if promoters don’t buy from market, instead only company buy from market exhausting cash reserves.
You can google for open market route buy back for more information
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