Gokul Refoils & Solvent Ltd board approves buy back at Rs. 12

The Board of directors of Gokul Refoils & Solvent Ltd. has, subject to shareholders' approval by way of special resolution, approved the buyback of upto 3,29,00,000(Three Crore Twenty Nine Lakhs Only) Equity Shares of the Company (the "Equity Shares') of the face value of Rs. 2 each constituting 24.94% of the fully paid-up Equity Share capital of the Company at a price of Rs. 12 per Equity Share ('Buyback Offer Price')aggregating to Rs. 39,48,00,000 (Rupees Thirty Nine Crore forty eight Lakhs only) representing 15.32% and 12.98% of the fully paid-up Equity Share capital and free reserves as per the audited financial statements of the Company for the financial year ended March 31, 2020, on Standalone and consolidated basis, respectively through the "Tender Offer" route using mechanism for acquisition of shares through stock exchange as prescribed under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended (the "Buyback Regulations") on a proportionate basis from the shareholders as on the record date(to be decided later), subject to regulatory and legal compliances required under applicable laws ("Buyback Offer").

The above amount of Rs. 39,48,00,000 (Rupees Thirty-Nine Crore Forty Eight Lakhs Only) excludes transaction costs viz. brokerage, advisor's fees, intermediaries fees, public announcement publication fees, filing fees, turnover charges, applicable taxes such as securities transaction tax, goods and services tax, income tax, SEBI fee, stamp duty and other incidental and related expenses ("Transaction Costs")

Shares of GOKUL REFOILS & SOLVENT LTD. was last trading in BSE at Rs.14.27 as compared to the previous close of Rs. 13.12. The total number of shares traded during the day was 85293 in over 333 trades.

The stock hit an intraday high of Rs. 14.43 and intraday low of 13.54. The net turnover during the day was Rs. 1211485.

Source : Equity Bulls

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