Cheviot Company Buyback 2024 vs Indus Towers Buyback 2024

The Buy-Back is being undertaken, inter-alia, for the following reasons:

1. The Buy-Back will help the Company to return surplus cash to its shareholders holding ordinary shares broadly in proportion to their shareholding, thereby, enhancing the overall return to shareholders;
2. The Company believes that the reservation for small shareholders would benefit a large number of public shareholders, who would get classified as "small shareholders" as per Regulation 2(i)(n) of the Buy-Back Regulations;
3. The Buy-Back would help in improving return on equity by reducing the share capital base and increasing shareholder's value in the longer term;
4. The Buy-Back gives an option to the shareholders holding ordinary shares of the Company, who can choose to participate and get cash in lieu of ordinary shares to be accepted under the Buy-Back offer or they may choose not to participate and benefit from a resultant increase in their percentage shareholding, post the Buy-Back offer, without additional investment; and
5. The Buy-Back will help the Company in achieving an optimal capital structure.

The Buyback is being undertaken, inter-alia, for the following reasons:

• The current Buyback is in line with the Company's Shareholder-friendly capital allocation practices of enhancing overall Shareholders' value, thereby improving earnings per Share, and optimizing returns to Shareholders.
• The Buyback, which is being implemented through the Tender Offer route as prescribed under the Buyback Regulations, would involve allocation of number of Equity Shares as per their entitlement or 15% (fifteen percent) of the number of Equity Shares to be bought back, whichever is higher, reserved for Small Shareholders. The Company believes that this reservation for Small Shareholders would benefit a large number of public Shareholders, who would get classified as "small shareholders" as per Regulation 2(i)(n) of the Buyback Regulations.
• The Buyback gives the Eligible Shareholders the choice to either:
  • participate in the Buyback and receive cash in lieu of their Equity Shares which are accepted under the Buyback; or
  • not to participate in the Buyback and get a resultant increase in their percentage shareholding in the Company post the Buyback, without additional investment.