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Share Repurchase SANJAY MEHROTRA M.B.A., C.A.
Dividend Vs. Stock Repurchase: factors   influencing choice ,[object Object],[object Object],[object Object],[object Object]
WHY DOES A FIRM BUY BACK SHARES? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Share repurchase: regulatory environment in India ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Share repurchase: regulatory environment in India ,[object Object],[object Object],[object Object]
Share repurchase: regulatory environment in India ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Share Buy-back: SEBI Regulations ,[object Object],[object Object],[object Object]
Sensitivity of EPS impact of share repurchase to share price
EPS Sensitivity Existing After-repurchase at Rs. 40 100 200 Earnings 500 488.8 488.8 488.8 No. of shares( in million) 100 95 98 99 EPS 5 5.15 4.99 4.94 EPS Risk 0.5 0.55 0.53 0.53 P/E 8 7.77 20.05 40.51
Share buy-back: Case of Britannia Industries ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Britannia Industries: Rationale for buy back ,[object Object],[object Object],[object Object],[object Object],[object Object]
Britannia Industries: Rationale for buy back
Share buy-back: Case of Britannia Industries Post-buy back Promoters'   Holding(%) First buy back 45.34 Second buy back 48.48 Third buy back 50.96
Rationale for share buy-back: Reliance Energy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Share repurchase: Who gains? ,[object Object],[object Object],[object Object],[object Object],[object Object]
Example on Share repurchase
Why do firms split stock? ,[object Object],[object Object],[object Object],[object Object],[object Object]
Stock Split: Few questions to answer ,[object Object],[object Object],[object Object],[object Object],[object Object]
Final thoughts ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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Factors influencing firms' choice of share repurchase over dividend