FDC Ltd board approves buy-back at Rs. 450

The Board of Directors of FDC Ltd at its meeting held on August 07,2020 has inter-alia approved the proposal to Buyback its own fully paid up Equity Shares of Re. 1/- each ("Equity Shares") from the equity shareholders of the Company as on Record Date, for upto 21,63,000 fully paid up Equity Shares (being 1.27% of the total paid up equity capital of the Company) at a price of Rs. 450/- (Rupees Four Hundred Fifty only) per equity share ("Buyback Offer Price") for an aggregate amount not exceeding Rs. 97,33,50,000 (Rupees Ninety Seven Crore Thirty Three Lakh Fifty Thousand only) ("Offer Size"), (being less than 10% of the Paid Up Capital and free reserves as on March 31, 2020) on a proportionate basis through the "Tender Offer" route as prescribed under the Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018 ("Buyback Regulations") and the Companies Act, 2013 and the rules made thereunder ("Act") including statutory modification(s) or re-enactment of the Act, for the time being in force).

The Board also noted the intention of the Promoter of the Company to participate in the proposed Buyback.

Further, the Board has decided August 21, 2020 as the Record Date for the purpose of Buyback Offer.

Shares of FDC LTD. was last trading in BSE at Rs.336.65 as compared to the previous close of Rs. 336.05. The total number of shares traded during the day was 73923 in over 2376 trades.

The stock hit an intraday high of Rs. 344 and intraday low of 333.2. The net turnover during the day was Rs. 24984466.

Source : Equity Bulls

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