To be honest I have not looked into the Co’ from a fundamental analysis standpoint, nor am I a shareholder.
What I find interesting is that the co’ has offered to buyback nearly ~15% of share capital at a time when debt they have Debt (long + short term) of ~ 371 Cr
The fact that the promoters chose to spend the cash balance of ~117 Cr (September 23) on a buyback at a PE of ~40 (albeit in a slow 2 year period) when Debt is ~371 Cr seems a little…
Buybacks add value when they are done at an undervaluation, which does not seem to be the case here…so what other reasons could it be?
Could it be that buybacks are increasingly being used as proxy of Dividends because for higher tax brackets buyback are more tax efficient vs distributing dividends…? Not sure but I wrote a substack on the Buyback Arbitrage opportunity (Risks involved) in case anyone is curious.
As for the motives behind the buyback, if anyone can offer insight please do 
Rahul
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