KIOCL Ltd board approves buyback at Rs. 110 per share

The Board of Directors of KIOCL Ltd in their meeting held on 19th October, 2020 has approved the buyback of the fully paid up equity shares of the Company of face value of Rs. 10/ each. The board approved buyback of not exceeding 1,41,74,469 (One Crore Forty-One Lakhs Seventy-Four Thousand Four Hundred Sixty-Nine) fully paid-up equity shares of face value of Rs 10 each (representing 2.28% of the total number of fully paid-up equity shares in the paid-up share capital of the Company) at a price of Rs. 110/- (Rupees One Hundred Ten only) per equity share (the "Buy Back Offer Price") payable in cash for an aggregate consideration not exceeding Rs. 155.92 Crores (Rupees One Hundred Fifty Five Crores and Ninety Two Lakhs only) (exclusive of taxes) (the "Buyback Offer Size") representing 8.25% of the aggregate of the fully paid-up equity share capital and free reserves as per the audited standalone financial statements of the Company for the financial year ended March 31, 2020 (the last audited standalone financial statement available as on the date of Board meeting recommending the proposal of the Buyback) and is within the statutory limits of 10% (Ten Percent) of the aggregate of the fully paid-up equity share capital and free reserves under the board of directors approval route as per the provisions of the Companies Act, 2013 from all the equity shareholders of the Company, as on the record date, on a proportionate basis through a Tender Offer route.

The Buyback Offer 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, advisors' fees, public announcement publication expenses, printing, dispatch expenses, applicable taxes including buyback taxes, securities transaction tax, goods and services tax, stamp duty and other incidental and related expenses.

The Company has fixed Friday, the 30th October, 2020 as the record date for the purpose of ascertaining the eligibility of shareholders for Buyback of equity shares.

Shares of KIOCL Ltd was last trading in BSE at Rs.136.35 as compared to the previous close of Rs. 134.55. The total number of shares traded during the day was 11173 in over 255 trades.

The stock hit an intraday high of Rs. 138 and intraday low of 132.2. The net turnover during the day was Rs. 1527548.

Source : Equity Bulls

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