Amrit Corp. Ltd board approves buy back at Rs. 825

The Board of Directors of Amrit Corp. Ltd at its meeting held on 22nd June, 2020 (the meeting commenced at 12.15 p.m. and concluded at 1.55 p.m.) ("Board Meeting") has approved the buy-back of equity shares & fixation of record date for buy-back.

The board approved buyback of up to 1,75,000 fully paid-up equity shares of face value of Rs. 10/- (Rupees Ten only) each of the Company ("Equity Shares) representing up to 5.45% of the total number of paid up Equity Shares of the Company at a price of Rs. 825/- (Rupees Eight hundred twenty five only) per Equity Share ("Buy Back Price") (including premium of Rs. 815/-per Equity Share) payable in cash for an aggregate amount of up to Rs.14,43,75,000/- (Rupees Fourteen Crore Forty Three Lakh Seventy Five Thousand Only ) (excluding any expenses incurred or to be incurred for the Buyback like filing fees payable to the SEBI, advisors' fees, stock exchange fee for usage of their platform for Buyback, costs such as brokerage, applicable taxes including Buyback tax, Securities transaction tax, GST, stamp duty, etc. and other incidental and related expenses ("transaction costs).) ("Buyback Size"), which is 7.32% of the fully paid-up equity share capital and free reserves, as per the audited balance sheet of the Company as on March 31, 2020, (the latest audited balance sheet available as on the date of Board meeting), on a proportionate basis through tender offer ("Tender Offer") as prescribed under Buyback Regulations, to all the equity shareholders / beneficiary owners who hold Equity Shares on the Record Date ("Buyback"). The Buyback Size does not include any expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India, fees and charges payable to Stock Exchanges, public announcement expenses, printing and dispatch expenses and other incidental and related expenses.

The Board of Directors has determined the Record Date for the proposed Buyback as "Friday", the 3rd July, 2020 ("Record Date").

The Company has formed a Buyback Committee to do all such acts, deeds, matters and things as it may, in its absolute discretion deem necessary, expedient usual or proper in connection with the proposed Buyback.

Inga Ventures Private Limited has been appointed as the Manager to the proposed Buyback.

Shares of AMRIT CORP.LTD. was last trading in BSE at Rs.711.1 as compared to the previous close of Rs. 677.25. The total number of shares traded during the day was 32 in over 6 trades.

The stock hit an intraday high of Rs. 711.1 and intraday low of 711.1. The net turnover during the day was Rs. 22755.

Source : Equity Bulls

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