K.P.R. Mill Limited Board approves Buy-back of equity shares

The Board of Directors of K.P.R. Mill Limited at their Meeting held on 07th February, 2022 have approved the buyback of not exceeding 22,36,000 (Twenty Two Lakh Thirty Six Thousand) fully paid-up equity shares of face value of Re. 1 each (representing 0.65% of the total number of fully paid-up equity shares in the paid-up share capital of the Company) at a price of Rs. 805/- (Rupees Eight Hundred and Five only) per equity share (the "Buy Back Offer Price") payable in cash for an aggregate consideration not exceeding Rs. 179,99,80,000 (Rupees One Hundred and Seventy Nine Crore Ninty Nine Lakh and Eighty Thousand only) (the "Buyback Offer Size") representing 9.53% and 7.73% of the aggregate of the fully paid-up equity share capital and free reserves as per the audited standalone and consolidated financial statements of the Company, respectively, for the financial year ended March 31, 2021 (the last audited standalone and consolidated financial statements available as on the date of Board meeting recommending the proposal of the Buyback) and is within the statutory limits of 10% (Ten Percent) of the aggregate of the fully paid-up equity share capital and free reserves under the Board of Directors approval route as per the provisions of the Companies Act, 2013 from all the equity shareholders of the Company, as on the record date, on a proportionate basis through a Tender Offer route in accordance the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended (the "Buyback Regulations") (hereinafter referred to as the "Buyback"), subject to 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, dispatch expenses, applicable taxes inter alia including buyback taxes, securities transaction tax, goods and services tax, stamp duty and other incidental and related expenses.

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

Source : Equity Bulls

Keywords

KPRMill BuyBack TenderOffer