I agee with you, through dividend, retail can always save taxes as they might own low number of shares at lower slabs. Also this buyback is exorbitant and seems beneficial for promoter. As this buyback is less than 10% of equity, no approval needed from shareholders. They should have gone through market route instead of tender for maximum return to all shareholders.
New tax structure I think is coming from October, that will make the shareholder to pay tax per tax slab instead of the company. This could be the reason that promoters are trying to get maximum benefit. Feel free to correct or add if I’m missing something.
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