On-demand healthcare offerings startup Mfine has handed a unique decision approving the buyback of stocks to offer an exit to its investors, regulatory filings show.
The buyback can be of 1,17,194 elegance A equity stocks and 53,077 Series A1 CCPS. Mfine’s co-founders Ashutosh Lawania and Prasad Kompalli have tendered their 1 lakh equity stocks (50K each) for the buyback.
The organisation will spend upto Rs 18.23 crore to facilitate the buyback of those stocks, which represent 13.2% of the full paid up fairness percentage capital and loose reserves of the organisation.
“The buyback program is aimed to provide an exit to investors who are desirous of doing so, leading to reduction of outstanding share capital. Further, the program will rationalise the capital structure, optimize returns and enhance the overall shareholder value,” said the regulatory filings.
The acclaim for the buyback from founders has come inside a month of allotment of 175,686 elegance B fairness stocks to Lawania and Kompalli as bonus stocks withinside the closing week of August. It’s worth noting that the organisation is buying only class A stocks on this buyback program.
Lawania is a 2d time period entrepreneur and formerly co-based India’s largest style e-commerce organisation Myntra. In 2014, Flipkart received Myntra in a Rs 2,000 crore deal. Kompalli was a senior executive at Myntra and served the organisation in the capacity of chief business officer or CBO.
