Triveni Engineering & Industries Ltd Board approves Buyback of Equity Shares

The Board of Directors of Triveni Engineering & Industries Ltd, at its meeting held on August 10,2020, have approved the buyback of fully paid up Equity Shares of face value of Rs. 1 (Rupee One only) each not exceeding 61,90,000 (Sixty one lakh ninety thousand) Equity Shares (representing 2.50% of the total paid-up equity share capital of the Company as on March 31, 2020) at a price of Rs. 105 (Rupees One hundred five only) per Equity Share payable in cash for an aggregate amount not exceeding Rs. 64,99,50,000 (Rupees Sixty four crore ninety nine lakh and fifty thousand only), excluding taxes payable under Income Tax Act, 1961 and expenses to be incurred for the buyback like transaction costs viz. brokerage, securities transaction tax, GST, stamp duty, etc., which is 5.31 % and 5.03% of the fully paid-up equity share capital and free reserves (including Securities Premium Account) as per the latest audited standalone and consolidated balance sheet of the Company for the financial year ended March 31, 2020, respectively (the "Buyback"), on a proportionate basis from the shareholders of the Company, through the "Tender Offer" route using mechanism for acquisition of shares through stock exchange as prescribed under Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018, as amended (the "Buyback Regulations") and the Companies Act, 2013 and rules made thereunder (the "Act").

The board noted the intention of the Promoters and Promoter Group of the Company to participate in the Buyback.

The board has fixed Friday, August 28, 2020 as the Record Date for determining the entitlement and the names of the Eligible Shareholders / Beneficial Owners to whom the letter of offer will be sent and who will be eligible to participate in the Buyback.

The board also appointed Axis Capital Limited as the Manager to the Buyback. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.

Shares of TRIVENI ENGINEERING & INDUSTRIES LTD. was last trading in BSE at Rs.71 as compared to the previous close of Rs. 72.35. The total number of shares traded during the day was 248284 in over 2602 trades.

The stock hit an intraday high of Rs. 74.45 and intraday low of 68.5. The net turnover during the day was Rs. 17646565.

Source : Equity Bulls

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