Cheviot Company Ltd board approves buyback at Rs. 1725 per share

The Board of Directors of Cheviot Company Ltd at their meeting held on Saturday, 4th December, 2021 have approved a proposal for Buy-Back of up to 2,50,000 fully paid-up Ordinary Shares of the Company of face value of Rs. 10/- (Rupees Ten Only) each, representing 3.99% of the present total number of fully paid-up Ordinary Share Capital of the Company, at a price of Rs. 1,725/- (Rupees One Thousand Seven Hundred and Twenty-Five Only) per Ordinary Share ('Buy-Back Price') payable in cash for an aggregate amount of up to Rs. 43,12,50,000/- (Rupees Forty-Three Crores Twelve Lakhs and Fifty Thousand Only) representing 8.61% of the aggregate paid-up capital and free reserves as per latest standalone audited financial statements of the Company for the financial year ended 31st March, 2021 ('Buy-Back Offer Size').

The Board of Directors have fixed Friday, 17th December, 2021 as the 'Record Date' for the purpose of determining the members/beneficial owners ("Shareholders") who shall be entitled to participate in the Buy-Back offer of the Company.

The Buy-Back is proposed to be made from the members of the Company who hold fully paid-up Ordinary Shares, as on the Record Date, on a proportionate basis through the "Tender Offer" route using the stock exchange mechanism.

The above Buy-Back Offer Size of = 43,12,50,000/- (Rupees Forty-Three Crores Twelve Lakhs and Fifty Thousand Only) does not include any transaction cost viz. processing fees payable to SEBI, advisors/legal fees, newspaper publication expenses, brokerage, applicable taxes such as income tax, securities transaction tax, goods and service tax, etc., stamp duty and other incidental expenses.

The Promoter and Promoter Group have expressed their intention to participate in the proposed Buy-Back under tender offer route and may tender up to their aggregate shareholding or such lower number of Ordinary Shares in accordance with the provisions of the Buy-Back Regulations.

Shares of CHEVIOT CO.LTD. was last trading in BSE at Rs. 1369.45 as compared to the previous close of Rs. 1328.20. The total number of shares traded during the day was 15575 in over 1230 trades.

The stock hit an intraday high of Rs. 1375.00 and intraday low of 1332.00. The net turnover during the day was Rs. 21257259.00.

Source : Equity Bulls

Keywords

CHEVIOTCOLTD INE974B01016 Buyback TenderOffer