TheMathCompany, a data analytics and data engineering firm, has approved the buyback of shares for existing shareholders, including the firm’s co-founders.
According to TheMathCompany’s regulatory filings with the MCA, all existing shareholders who will participate in the buyback will receive an issue price of Rs 155.32 per share, aggregating up to 93.2 crore or $12.5 million for 60 lakh equity shares and constituting 24.82 percent of the total equity up and free reserve of the company.
According to the filings, the buyback is open to all current shareholders on a pro rata basis, with the three co-founders – Sayandeb Banerjee, Aditya Kumbakonam, and Anuj Krishna – selling shares worth Rs 26.08 crore each and the remaining shareholders selling shares worth Rs 14.9 crore.
It’s worth noting that, according to the filings, the trio had already sold shares worth Rs 17.33 crore each in a previous buyback event. The company, on the other hand, did not provide any additional information on the subject.
The announcement of the share buyback comes just a month after Brighton Park Capital led a $50 million funding round for the company.
The six-year-old Bengaluru and Chicago-based firm uses artificial intelligence (AI) and machine learning (ML) to assist businesses in transforming intelligence, demonstrating value, and becoming analytically self-sufficient.
Co.dx, the flagship product of TheMathCompany, helps businesses in a variety of industries solve key problems with low-code, custom business applications. It provides services to industries such as consumer packaged goods, retail, insurance, aviation, and banking in the United States, the United Kingdom, Singapore, Hong Kong, Europe, and the Middle East.
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