Archidply Industries Limited board approves buyback at Rs. 37

The Board of Directors of Archidply Industries Limited (the "Company") at its meeting held today, i.e. on January 06, 2021 has approved the buyback of fully paid up Equity Shares of face value of Rs. 10 (Rupees Ten Only) each not exceeding 22,00,000 Equity Shares (representing 9.97% of the total paid up equity share capital of the Company) at a price of Rs.37 per Equity Share (the "Buy Back Offer Price") payable in cash for an aggregate maximum amount not exceeding Rs. 8,14,00,000 (Rupees Eight Crore Fourteen Lakh Only), excluding taxes payable under Income Tax Act, 1961 and any expenses incurred or to be incurred for the Buyback viz., brokerage, costs, fees, turnover charges, taxes such as securities transaction tax and goods and services tax (if any), stamp duty, advisors fees, printing and dispatch expenses and other incidental and related expenses and charges which represents 9.25% of the aggregate paid-up share capital and free reserves as per the Un-Audited Financial Statement dated 30th September, 2020 on a proportionate basis, from all the shareholders of the Company who hold Equity Shares as of the Record Date through the "Tender Offer" route 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 also noted the intention of the Promoters and Promoter Group of the Company to participate in the Buy back.

The board also appointed Fast Track Finsec Private Limited as the Manager to the Buyback.

The company has fixed 19 January, 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.

Shares of ARCHIDPLY INDUSTRIES LTD. was last trading in BSE at Rs.43.65 as compared to the previous close of Rs. 46.25. The total number of shares traded during the day was 71447 in over 638 trades.

The stock hit an intraday high of Rs. 46.9 and intraday low of 42.65. The net turnover during the day was Rs. 3153070.

Source : Equity Bulls

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