Cheviot Co. Ltd. baord approves buy-back of 2 lakh shares at Rs. 900

The Board of Directors of Cheviot Co. Ltd. at their meeting held today, 8th September, 2020 have approved a proposal for Buy-Back of up to 2,00,000 fully paid-up Ordinary Shares of the Company of face value of Rs. 10/- each, representing 3.09% of the present total number of fully paid-up Ordinary Share Capital of the Company, at a price of Rs. 900/- (Rupees Nine Hundred Only) per Ordinary Share ('Buy-Back Price') payable in cash for an aggregate amount of up to Rs. 18,00,00,000/- (Rupees Eighteen Crores Only) representing 3.88% of the aggregate paid-up capital and free reserves as per latest audited standalone financial statements of the Company for the financial year ended 31st March, 2020 ('Buy-Back Offer Size').

The Buy-Back is proposed to be made from the members of the Company who hold fully paid-up Ordinary Shares, as on the record date (Friday, 18th September,2020), on a proportionate basis through the "Tender Offer" route through the stock exchange mechanism in accordance with the provisions of the Securities and 'Exchange Board of lndia (Buy-Back of Securities) Regulations, 2018 ("Buy-Back Regulations"), as amended, and the Companies Act, 201-3 and the rules framed thereunder.

The above Buy-Back Offer Size of Rs. 18,00,00,000/- (Rupees Eighteen Crores Only) does not include any transaction cost viz. filing fees payable to SEBI, advisors/legal fees, newspaper publication expenses, brokerage, applicable taxes such as income tax, securities transaction tax, goods and service tax, etc., stamp duty and other incidental expenses.

The Board of Directors have appointed M/s. VC Corporate Advisors Private Limited, SEBI Registered Category - I Merchant Banker as the Manager to the Buy-Back Offer.

Shares of CHEVIOT CO.LTD. was last trading in BSE at Rs.773.55 as compared to the previous close of Rs. 720.45. The total number of shares traded during the day was 30284 in over 1303 trades.

The stock hit an intraday high of Rs. 779 and intraday low of 750. The net turnover during the day was Rs. 23239513.

Source : Equity Bulls

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