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Cyient board to discuss buyback proposal on Jan 17

PTI New Delhi
Updated: 14-01-2019 20:22 IST
Cyient board to discuss buyback proposal on Jan 17

IT firm Cyient Monday said its board will discuss a proposal for a maiden buyback offer at its meeting on January 17.

Besides, the company's board of directors will, on the said date, meet to consider and approve financial results for the quarter ended December 31, 2018.

"...the board meeting scheduled to be held on January 17, 2019, will also consider a proposal for buyback of the equity shares of the company," a BSE filing said.

However, the filing did not provide details of the buyback proposal.

Last week, Infosys had said it will buy back 10.32 crore shares, or 2.36 per cent, for not more than Rs 800 per share -- 17 per cent higher than the closing price of Rs 683.70 on the BSE. The total size of the buyback would be up to Rs 8,260 crore.

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* secures USD 235,000 in seed funding, a peer-to-peer (P2P) lending marketplace owned by Mumbai-based BigWin Infotech, Monday said it has raised USD 2,35,000 (about Rs 1.6 crore) in its third round of seed funding through an angel investor.

The company had previously raised USD 6,50,000 in April 2018 and USD 2,25,000 in May. The latest round takes the company's total seed funding to USD 1.11 million till date.

"This is the first round of funding after we received the NBFC-P2P CoR from the Reserve Bank of India (RBI) in July 2018. The current round of funding will boost the company's progress and will help in hiring experienced key resources and expand our technology workforce," PaisaDukan founder and CMD Rajiv M Ranjan said.

The company is also in discussion with a couple of VCs who have shown interest for pre/A series funding, he added.

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* JK Lakshmi Cement inks pact with FarEye

Logistics management platform FarEye Monday said it has been selected by cement manufacturer JK Lakshmi Cement to deploy its solutions.

"On our wide distribution network handling volumes around eight lakh tonnes/month, pilferage and back/forward loading are some of the key operational challenges that we face," Shailendra Chouksey, whole-time director at JK Lakshmi Cement, said.

Gaining better visibility into the company's vast network of multiple plants and about 10,000 destinations will help control pilferage, optimise capacity and eventually help deliver a superior customer experience, he added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)