Matrimony.com shares zoom ~12% on buyback plans

3 Sep 2024 , 11:09 AM

Matrimony.com Ltd. shares rose as much as 12% on Tuesday after the firm stated that its board will meet on September 5 to examine a buyback of equity shares. The counter touched a new 52-week high of ₹846.95 on NSE.

The company’s market capitalisation is approaching ₹2,000 Crore due to its recent increase.

In June 2022, Matrimony.com’s Buyback Committee approved a share buyback proposal worth ₹75 Crore, at a final price of ₹1,150 per share. The company planned to buyback up to 6.52 lakh equity shares, or 2.85% of its total paid-up equity share capital.

The board approved the buyback at a 49.21% premium to the previous day’s closing price of ₹770.70. The company plans to buy back up to 6,52,173 equity shares at ₹1,150 per share, accounting for 2.85% of its total paid-up equity share capital, with a purchase amount of up to ₹75 Crore.

Matrimony.com Limited, whose flagship brand is BharatMatrimony, is a matchmaking service provider. Over 4000 individuals operate in more than 20 offices throughout India. The company also maintains offices in the United States, Dubai, and Bangladesh.

The company has extended into marriage services by launching Mandap & Wedding Bazaar, a website that lists matrimony-related directory services such as wedding planners, venues, cards, and caterers.

At around 10.32 AM, Matrimony.com was trading 9.26% higher at ₹815, against the previous close of ₹745.95 on NSE.

For feedback and suggestions, write to us at [e-mail]