S H Kelkar and Company Ltd Board approves Buy-back of equity shares

The Board of directors of S H Kelkar and Company Ltd have considered and approved the Buyback of its fully paid-up equity shares of 10/- each not exceeding 29,00,000 equity shares (representing 2.05% of the total number of equity shares in the paid-up equity share capital of the Company) at a price of 210/- (Rupees Two Hundred and Ten only) per equity share (the "Buy Back Offer Price") payable in cash for an aggregate consideration not exceeding 60,90,00,000/- (Rupees Sixty Crore Ninety Lakh only) (excluding 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 (hereinafter referred to as "Transaction Costs")) (the "Buyback Offer Size") representing approximately 9.64% and 6.65% of the aggregate of the total paid-up equity share capital and free reserves of the Company based on the audited standalone and consolidated financial statements of the Company respectively as of March 31, 2021 (being the date of the last audited financial statements of the Company), which is within the statutory limit of 10% (Ten Percent) of the aggregate of the fully paid-up equity share capital and free reserves with the authority of the Board of Directors as per the provisions of the Companies Act from the Equity Shareholders of the Company on a proportionate basis, through the "Tender Offer route" under the Stock Exchange mechanism as prescribed under the Buyback Regulations as amended from time-to-time (hereinafter referred to as the "Buyback").

The public announcement setting out the process, timelines and other requisite details will be released in due course.

he Board noted that promoter/promoter group of the Company intend to tender such number of equity shares held by them in the Company, as required in compliance with Buyback Regulations / Terms of the Buyback and with the objective of maintaining Minimum Public Shareholding (MPS) post Buyback. Accordingly, promoter Directors did not participate in the decision making of the aforesaid resolution.

Shares of S H Kelkar and Company Limited was last trading in BSE at Rs. 152.55 as compared to the previous close of Rs. 148.45. The total number of shares traded during the day was 6519 in over 178 trades.

The stock hit an intraday high of Rs. 153.25 and intraday low of 150.90. The net turnover during the day was Rs. 993441.00.

Source : Equity Bulls

Keywords

SHKelkarandCompanyLimited INE500L01026 SHK Buyback