Symphony Ltd Buyback 2023
i. Symphony, an Indian multinational company with offices in more than 60 countries, makes more air coolers than any other company in the world. Symphony is a market leader that has been providing comfort cooling to its customers for generations. From inventions to innovations, being responsible with energy to taking care of the environment, Symphony has done it all.
ii. Symphony coolers are so popular in homes, businesses, and factories that the word “cooling” has become synonymous with the brand.
iii. Symphony Limited was started in 1988 in Gujarat, India. It created a new type of evaporative air-cooling in India and took it all over the world. As a disruptor in a very unorganised industry, the company has set high standards by defining the golden standard of air cooling.
Buy Back Offer Deal:
| Buyback Type: | Tender Offer |
| Buyback Record Date: | Mar 29 2023 |
| Buyback Opening Date: | May 03 2023 |
| Buyback Closing Date: | May 17 2023 |
| Buyback Offer Amount: | ₹ 200 Cr |
| Date of Board Meeting approving the proposal: | Feb 08 2023 |
| Date of Public Announcement: | Feb 08 2023 |
| Buyback Offer Size: | 1.42% |
| Buyback Number of Shares: | 10,00,000 |
| Price Type: | Tender offer |
| FV: | 2 |
| Buyback Price: | ₹ 2000 Per Equity Share |
Details of Buyback:
Salient financial parameters:
| Particluars (in cr) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 |
| Sales | 798 | 844 | 1,103 | 900 | 1,039 |
| Expenses | 579 | 711 | 889 | 759 | 877 |
| Operating Profit | 220 | 133 | 213 | 140 | 162 |
| OPM % | 28% | 16% | 19% | 16% | 16% |
| Other Income | 54 | 15 | 51 | 24 | 40 |
| Interest | 2 | 8 | 13 | 12 | 10 |
| Depreciation | 7 | 10 | 21 | 21 | 24 |
| Profit before tax | 265 | 130 | 230 | 131 | 168 |
| Tax % | 27% | 30% | 21% | 18% | 28% |
| Net Profit | 193 | 92 | 182 | 107 | 121 |
| EPS in Rs | 27.52 | 13.19 | 25.94 | 15.34 | 17.2 |
How to Participate in buyback?
Profit from the buyback on the bases of acceptance Ratio:
| Acceptance Ratio | 33% | 50% | 75% | 100% |
| Amount Invested in Buyback | 1,05,000 | 1,05,000 | 1,05,000 | 1,05,000 |
| No. of Shares Buyback | 33 | 50 | 75 | 100 |
| Buyback Profit | 31,350 | 47,500 | 71,250 | 95,000 |
| Profit % | 29.80% | 45.20% | 67.80% | 90.40% |
63 Comments
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Symphony
In Retail quota
6,41,112 shares bids out of approx 13 lakh shares.
SYMPHONY BUY BACK UPDATE
1 QUANTITY OF ALL ACCOUNTS ACCEPTED BY COMPANY
Thank you Umesh Ji for a very valuable information. Thousands of clever people who have invested just about ₹ 1000/ made about ₹ 900/+ in about 3 months. What a funny buyback rule!
Seems that Only 10% AR
Big disappointment.
As expected AR close to ER
Due to single single shares acceptance.
Mine single accepted.
Yes, AR is about 12.65% for me, 21 out of 166 were accepted, very bad acceptance ratio and price is down by 20% as well, another big loss for me
16/143. A very very disappointing AR. Significant loss may be there.
Only 11.5% AR in my case
Got out with the loss of Rs. 10,500/-.
Kuch kuch buyback loss bhi karate hai.
Live bidding on BSE
65,10,715 shares @ 10.30 am 17/5/23.
Only 65 lkh bids out of approximately 6.5-7cr shares.
SYMPHONY LIMITED
Last updated on 17 May 2023 02:15 PM
BSE Bid Details
Price No. of Confirmed Quantity Cumulative Confirmed Quantity
Bids Demat Physical Total Demat Physical Total
2,000.00 95,460 73,19,251 – 73,19,251 73,19,251 – 73,19,251
At 02:15, the total no. of shares tendered for the buyback is 73,19,251 against the admissible 10,00,000 shares I.e., almost 7.32 times. Let’s wait for the closing figures to assess the approximate AR. THANK YOU.
7.34 times in all at the close. AR may be around 25% in my opinion. I am not an expert. Experts may please offer their views in this regard.
Hi Shiva, thanks for update, 7.34 times is overall or retail category?
Overall 7.34 times. Not available in respect of Retail Category separately. In the BSE website.
Sir, where do you check? Can you share the link? Check the status for Welspun as well please
Hi… can you suggest numbers for Welspun?
Sorry, I don’t have any idea.
@sri
Welspun buyback bidding status today
No of orders 17,355
No of shares 9,98,81,612
My holding on record date was 56 and later sold 51 of them around 1040/-. Present holding is exactly same as total entitlement. Now I am totally confused whether should go with 56 shares or 5 shares. Please guide keeping 1 share strategy in mind. Thanks in advance
It is suggested to tender all the shares held on the Record Date to get the maximum AR as the AR will normally be more than the Entitlement Ratio. All the best.
1 share strategy will still work despite entitlement is zero in offer letter??
I dont think 1 share strategy will be work as total share reserve for retail category is 150000 and will not left sufficient share to all shareholder who hold 1 share. almost more than 50k shareholder hold 1 share.
If fractional Acceptance is less than 0.50 then the fraction shall be ignored.
One share strategy should work. It actually depends on the number of applications received for buyback from retail shareholders. As per BSE website the number of retail shareholders are 131001.
This will be a test case to learn how the one share strategy works as the buy back price was almost double compared to the market price almost through out. All the best for all single share holders.
15/156 share.. ER is around 9.6 percent.. any one has idea about possible AR?
AR will be Close to ER as
Single single share holders counts almost 70,000-85000 in latest share holding pattern.
Do you mean to say that after accepting as per the E R smallest share holders ( single share) tender will be accepted?. Will be interested to know so as to avoid high priced and wide margin buyback participation can be avoided.
AR 11-12%.
All single participants share accepted.
Symphony got sebi approval for buyback. We get Entitlement ratio mail soon.
In 5 working days from 21 april.
Mohsin Ji do you have any update on Teamlease buyback ?
Sebi website showing still pending on dated 21 april.
Upcomming Monday we get know current status.
Hope we get LoF next week.
Thank you Mohsin ji. Hoping for a good ER and AR in Teamlease.
Team lease buyback
Expected ER 8-12%
AR close to ER as single share holders increased too much now days.
Resident Individuals holding nominal share capital up to Rs. 2 lakhs
shareholders – 131001 no of share- 4085697.
If one share strategy works here, acceptance ratio might be in single digit. E/R might be 1.5%.
Expected ER 8-9%
9.78% as expected
Patel g where did you get data from?
Letter offer available on BSE.
https://www.bseindia.com/corporates/anndet_new.aspx?newsid=3fd03ca7-39ee-417c-8ebd-071241b50b93
Entitlement ratio?
Entitlement ratio available in letter offer document.
For retailers – 9 out of 92
SYMPHONY BUY BACK@2000 CURRENT RATE 1090LIKELY ACCEPTANCE RATIO AROUND 25% FOR SMALL INVESTOR SHARE 52 WEEK LOW 821 ALL TIME HIGH 2213 RECORD DATE 29 MARCH 2023 SO FOR BUYBACK ENTITLEMENT TODAY IS LAST DAY FOR BUYING
If all above prices are reached even though we will make 2.5% profit .if go below 820 then this profit may get reduced.
Umesh ji one of my friend has 110 symphony shares .He falls in retail or general.
Total no of shares held on record date multiply with record date closing price .
If it is below 2.o lac then retail and if above 2.0 lac then he is not come in retail
@Sumit jain sir,
We can buy one share in dmat for buyback ??
Yes buy
@Sumit jain sir,
We can buy one share in samay for buyback ??
Record Date is 29th March.
Yes
Ajanta Pharma Board to consider buyback of shares on 10 March
Ajanta pharma
315 crore BB
Price : 1425/-
Natco Pharma to consider share buyback on March 8th.
Open offer
Dump it
The premium is very high. What could be the AR? I am new to buyback and please suggest.
JUST 4 % ER SO AR MAY BE UP TO 8 %
KAMA HOLD 100% AR in retail. 🙂
100% AR in Technocraft.
Still this is sad news.
Yes, that is the Irony, the current share has run too much and still running fast…. Lets see now elcerx
The offer size is only 1.43% and not 24.76% as written above.
1.5 % and 25% are very different and can lead to various incorrect decisions.
None would like to buyback in 1.5% while all should buy for 25%..
Its better for investor zone to be carful to retain its credibility.
Buy back Size 10,00,000 Shares Max. 200Crores
@ 2000 per share
Through Tender offer
It’s 100% premium.
How they are decided god knows