Weizmann Ltd board approves buyback of equity shares

The Board of Directors of Weizmann Limited ('the Company') at its meeting held on October 16, 2021 at the Registered Office of the Company, has approved a proposal for buyback up to 14,12,515 equity shares (Fourteen Lakh Twelve Thousand Five Hundred Fifteen Only) of the Company for an aggregate amount not exceeding ₹ 847.51/-in Lakhs(Rupees Eight Hundred Forty Seven Lakhs Fifty One Thousand only)(hereinafter referred to as "Buyback Size"), being 15% of the total paid-up equity share capital and free reserves and representing 8.18 % of the total paid-up equity share capital of the Company based on the audited standalone and consolidated financial statements of the Company as on March 31, 2021 respectively, at a price of ₹60/- (Rupees Sixty only) per equity share (hereinafter the "Buyback Price").

The Buyback is proposed to be made from the existing shareholders of the Company as on the record date on a proportionate basis under the tender offer route using the stock exchange mechanism in accordance with the provisions contained in the SEBI (Buy back of Securities) Regulations, 2018("Buyback Regulations") and the Companies Act, 2013 and rules made thereunder (including any statutory modification(s) or re-enactment of the Companies Act,2013 or Buyback Regulations).

The buyback Size does not include transaction costs such as securities transaction tax, GST, stamp duty, filing fees, advisors' fees, brokerage, public announcement expenses, printing and dispatch expenses, applicable taxes and other incidental and related expenses.

Members of the promoter and promoter group of the Company have indicated their intention to participate in the proposed Buyback.

Shares of Weizmann Limited was last trading in BSE at Rs. 61.00 as compared to the previous close of Rs. 64.20. The total number of shares traded during the day was 14684 in over 149 trades.

The stock hit an intraday high of Rs. 65.00 and intraday low of 61.00. The net turnover during the day was Rs. 913051.00.

Source : Equity Bulls

Keywords

Weizmann INE080A01014 WEIZMANIND