Kanchi Karpooram Limited board approves buyback at Rs. 405 through tender offer route

The board of directors of Kanchi Karpooram Limited at its meeting held today, has approved the buyback of upto 2,20,000 (Two Lacs Twenty Thousand only) equity shares of the company(the "Equity Shares") of the face value of Rs. 10 each constituting 5.17% of the fully paid-up equity share capital of the company at a price of Rs. 405 per equity share aggregating to Rs. 8,91,00,000 (Rupees Eight Crores Ninety One Lacs only) representing 9.79% of the fully paid-up equity share capital and free reserves, through the tender offer route on a proportionate basis from the shareholders as on the record date.

The record date for identifying the eligible shareholders for the buyback is fixed as Friday, December 4, 2020.

The board noted that none of the promoters are participating in the proposed buyback offer.

The board has constituted a buyback committee and appointed Saffron Capital Advisors Private Limited, a SEBI registered Category I Merchant Banker as 'Sole Manager' to the buyback offer.

Shares of Kanchi Karpooram Ltd was last trading in BSE at Rs.418 as compared to the previous close of Rs. 447.85. The total number of shares traded during the day was 45603 in over 1089 trades.

The stock hit an intraday high of Rs. 454.8 and intraday low of 411.6. The net turnover during the day was Rs. 19829621.

Source : Equity Bulls

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