MOIL Ltd board approves Buy Back of Fully paid Equity Shares

The board of directors of MOIL Ltd have approved the proposal to buyback of not exceeding 3,38,42,668 (Three Crore Thirty Eight Lac Forty Two Thousand Six Hundred Sixty Eight) equity shares of face value of Rs.10/- each of the Company (representing 14.26% of the total number of fully paid-up equity shares in the paid-up share capital of the Company) at a price of Rs.205/- (Rupees Two Hundred Five only) per equity share (the 'Buyback Offer Price') payable in cash for an aggregate consideration not exceeding Rs. 693,77,46,940 (Rupees Six Hundred Ninety Three Crore Seventy Seven Lac Forty Six Thousand Nine Hundred Forty only) (the "Buyback Offer Size"), being 25% of the aggregate of fully paid-up share capital and free reserves as per the audited standalone financial statements of the Company, for the financial year ended March 31, 2021 (the last audited standalone financial statements available as on the date of board meeting recommending the proposal of the Buyback) and is within the statutory limits of 25% (Twenty Five Percent) of the aggregate of the fully paid-up share capital and free reserves under Shareholders approval route from all the equity shareholders of the Company, as on the record date, on a proportionate basis through a Tender Offer route in accordance with the Companies Act, 2013, the Companies (Management and Administration) Rules, 2014, the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 (the "Buyback"), subject to the approval of the shareholders of the Company by way of a special resolution through Postal Ballot and all other applicable statutory approvals.

The Buyback Offer Size does not include any expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India, advisors fees, public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses.

Shares of MOIL Limited was last trading in BSE at Rs. 173.85 as compared to the previous close of Rs. 172.50. The total number of shares traded during the day was 72818 in over 1533 trades.

The stock hit an intraday high of Rs. 176.35 and intraday low of 172.65. The net turnover during the day was Rs. 12703268.00.

Source : Equity Bulls

Keywords

MOILLimited INE490G01020 MOIL Mining Buyback