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VMPL
Mumbai (Maharashtra) [India], April 23: Paramatrix Technologies Limited (NSE: PARAMATRIX), a distinguished provider of cutting-edge enterprise software solutions and comprehensive IT services, has announced a strategic Buy-back of its Equity Shares, a move that underscores the Board's confidence in the Company's robust fundamentals and promising growth trajectory. The Buy-back initiative is designed to optimize capital structure and deliver enhanced value to shareholders. The company will repurchase up to 4,60,800 fully paid-up Equity Shares, representing 5.27% and 4% of the fully paid-up Equity Shares as of March 31, 2024 and March 31, 2025, respectively. The Buy-back will be conducted through the Tender Offer Route at a price of Rs130/- per share, aggregating to a total outlay of Rs 5.99 crore (excluding transaction and incidental costs). In a clear testament to their long-term commitment, the Promoters have voluntarily opted out of participating in the Buy-back, reaffirming their belief in the Company's strategic direction and future value creation potential. The Buy-back will be funded through the Company's Free Reserves and Securities Premium, and represents 23.09% and 20.22% of the fully paid-up Equity Share Capital and Free Reserves as per the Audited Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2024 respectively. This Buy-back initiative stands as a reaffirmation of Paramatrix's long-term vision, its commitment to value creation, and its unwavering focus on delivering sustained returns. Commenting on this Mukesh Thumar, Founder, MD & CE0 of Paramatrix Technologies Limited said: "The buyback reflects our deep confidence in the business fundamentals and long-term growth path of Paramatrix Technologies. This decision is part of our broader vision to create sustained value and maintain a healthy balance sheet. The promoters have consciously chosen not to participate in the Buy-back, reaffirming their strong belief in the future of the Company and the direction we are headed as a team. We remain focused on innovation, execution, and delivering impact through everything we do." (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
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