The Anup Engineering Limited board approves buy-back through open market purchase

The Board of Directors of The Anup Engineering Limited ("Company"), at its meeting held on today, i.e., 10th February 2021, has, approve the Buy-back of fully paid up equity shares by the Company having face value of Rs. 10/- each ("Equity Share(s)") from open market through stock exchange mechanism prescribed under the Buy-back Regulations and the Act, for an amount not exceeding Rs. 25,00,00,000/- (Rupees Twenty Five Crores Only) excluding transaction costs viz. brokerage, advisor's fees, intermediaries fees, public announcement publication fees, filing fees, turnover charges, applicable taxes such as securities transaction tax, goods and services tax, income tax, stamp duty and other incidental and related expenses, etc. ("Transaction Costs") ("Maximum Buy-back Size") at a price not exceeding Rs. 800.00/- (Rupees Eight Hundred Only) per Equity Share ("Maximum Buy-back Price") payable in cash which represents 7.76% and 7.76% of the total paid-up equity share capital and free reserves (including securities premium account) as per the audited standalone and consolidated financial statements, respectively of the Company for the financial year ended on March 31, 2020 from the equity shareholders/beneficial owners of the Equity Shares of the Company other than the Promoters, members of Promoter Group and persons in control of the Company ("Buyback").

At the Maximum Buy-back Size and the Maximum Buy-back Price, the indicative maximum number of Equity Shares to be bought back under the Buy-back would be 3,12,500 Equity Shares which represents 3.06% of the total number of Equity Shares of the Company. The actual number of Equity Shares bought back during the Buy-back will depend upon the actual price, excluding the Transaction Costs, paid for the Equity Shares bought back and the aggregate consideration paid in the Buy-back, subject to the Maximum Buy-back Size. Further, the number of Equity Shares bought back under the Buy-back will not exceed 25% of the total number of Equity Shares of the Company.

Source : Equity Bulls

Keywords