Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

IIFL Securities Ltd board approves buyback through open market purchase

Posted On: 2020-11-20 06:51:26 (Time Zone: Arizona, USA)


The Board of Directors of IIFL Securities Ltd at their meeting held today has approved Buy-back of equity shares of the Company.

The Buy-back of the Company's fully paid up equity shares having a face value of Rs. 2 (Indian Rupee Two Only) each (the "Equity Shares"), from the members of the Company (except promoters, promoter group and persons in control of the Company) at a price not exceeding Rs. 54/- (Rupees Fifty Four Only) per Equity Share ("Maximum Buyback Price"), and such aggregate amount, Rs. 90 crores (Rupees Ninety Crores only) ("Maximum Buyback Size"), representing 14.46% and 11.53% of the aggregate of the total paid-up capital and free reserves of the Company based on the latest audited financial statements of the Company as at March 31, 2020 on a standalone and consolidated basis, respectively (which is less than 15% of the total paid up capital and free reserves of the Company), through the open market route through the Indian Stock Exchanges.

The Maximum Buyback Size does not include transaction costs, namely applicable taxes such as buyback tax, securities transaction. tax, goods and service tax, stamp duty, filing fees, advisors' fees, brokerage, public announcement expenses, expenses and other incidental and related expenses ("Transaction Costs").

The indicative maximum number of Equity Shares bought back at the Maximum Buyback Size and the Maximum Buyback Price would be 1,66,66,666 Equity Shares ("Maximum Buyback Shares"), comprising approximately 5.21 % of the paid-up equity share capital of the Company as of March 31, 2020 (on both, standalone and consolidated basis). If the Equity Shares are bought back at a price below the Maximum Buyback Price, the actual number of Equity Shares bought back could exceed the Maximum Buyback Shares, but will always be subject to the Maximum Buyback Size. The Company shall utilise at least 50% of the amount earmarked as the Maximum Buyback Size for the Buyback, i.e. Rs. 45 crores (Rupees Forty Five Crores only) ("Minimum Buyback Size"). Based on the Minimum Buyback Size and Maximum Buyback Price, the Company would purchase a minimum of 83,33,333 Equity Shares.

The Board has also constituted a Committee for the purpose of the Buy-back (the "Buyback Committee") and has delegated its powers to the Buyback Committee to do or cause to be done all such acts, deeds, matters and things, in its discretion, deem necessary in connection with the Buyback.

Shares of IIFL Holdings Limited was last trading in BSE at Rs. 45.65 as compared to the previous close of Rs. 45.25. The total number of shares traded during the day was 41,000 and the deliverable quantity was 20,294.

The stock hit an intraday high of Rs. 46.35 and intraday low of Rs. 45.25.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Other Headlines:

Astrazeneca Pharma India Ltd receives import and market permission for Selumetinib 10 Mg & 25 Mg Capsule

Spirit of Wipro Run brings together participants from 35 countries

Federal Bank partners with Ashok Leyland

Kotak Mahindra Bank forays into Healthcare Financing

Puravankara announces Credit Rating Upgrade by India Ratings and Research

Pay your Tata Power-DDL Bill before September 30 and stand a chance to Win Exciting Prizes

Kotak Launches Kotak Shiksha Nidhi - Financial Assistance to Students, who have lost a Primary Earning Member to COVID-19, for the Continuation of Education

Mr. Sankarshan Basu and Mr. Ramanand Mundkur Join Federal Bank's Director Board

Vedanta Jharsuguda's Power Plants awarded as 'Best Water-Efficient Plants'

PG Electroplast applies for the PLI scheme, commits Rs 300 crore Capex

Radico Khaitan signs Nidhi Agerwal as their brand influencer for Morpheus Brandy

IndianOil Corporation Collaborates with Automation Anywhere to Accelerate Automation

Federal Bank partners with OneCard to offer mobile-first Credit Card

Newgen Recognized in 2021 Gartner Magic Quadrant for Enterprise Low-Code Application Platforms for Second Year in a Row

Reliance Infrastructure Limited board approves FCCB issue, to convert into shares at Rs. 111

Reliance Power Limited appoints Shri Subrajit Bhowmick as CFO

HDFC has sold 2.13% stake in Ansal Housing Ltd

Aditya Birla Sun Life AMC reserves 1,944,000 shares to shareholders of Aditya Birla Capital Ltd

IndusInd Bank Ltd has sold 6,30,733 Equity shares of McLeod Russel India Ltd

Zeal Aqua Ltd fixes Oct 19, 2021 as record date for stock split

Mangal Credit & Fincorp Limited launches channel partners for gold loan

IRB Infrastructure Developers Ltd receives LoA from NHAI for road project in Tamil Nadu

Reliance Infrastructure Ltd appoints Shri Sandeep Khosla as CFO

PB Fintech Ltd withdraws from merger with Makesense Technologies Ltd

Avi Products India Ltd receives approval from BSE for preferential issue

TVS Srichakra Limited to participate in rights issue of TVS Srichakra Investments Ltd

Biocon Biologics Insulin Manufacturing Facility in Malaysia Completes U.S. FDA (PAI) Inspection

PNB shortlists Alankit Ltd as National Business Correspondent

Balkrishna Industries Limited to raise Rs. 1000 crores

CRISIL upgrades long term rating of Nahar Spinning Mills Ltd

Mr. Sujay Wasan resigns as Director of Procter & Gamble Health Limited

InterGlobe Aviation Ltd updates on arbitral award

B N Rathi Securities Limited board approves rights issue

Orient Cement Ltd to explore setting up of Cement Grinding Unit at Tiroda, Maharashtra

NBCC India Ltd secures work order at Hulhumale, Maldives

Dalmia Cement Bharat Ltd commences commercial production of Line 2 at its Kapilas Cement Manufacturing Works, Cuttack

Century Plyboards India Ltd increases stake in Century Infotech Ltd to 99.99%

Nucleus Software Exports Limited board approves buy back at Rs. 700 per share

NHPC Ltd to form subsidiary

EKI Energy Services Ltd opens 3 new International Business Points

SJVN bags 1000 MW Solar PV Power Project

Sun TV Network Ltd announces resignation of Mr. J Ravindran

Modern Steels Ltd announces disruption at its plant

Trimurthi Ltd gets Rs. 25 lakhs claim from defaulted broker

Sanrhea Technical Textiles Ltd board to consider preferential issue on Sep 30, 2021

Indiabulls Housing Finance Ltd raises ₹ 251 crores by selling part of its stake in OakNorth Holdings Ltd

Xelpmoc Design and Tech Ltd has sold its stake in Madworks Ventures Pvt Ltd

TPL Plastech Ltd allots 78,00,300 Equity Shares

Unison Metals Ltd to invest in Chandanpani Pvt Ltd

JSW Energy Limited's JV updates on rating


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020