Pennar Industries Limited board approves buyback through open market purchase

The board of directors of Pennar Industries Limited, at its meeting held today i.e. March 9, 2022, (which commenced at 10:00 a.m. and concluded at 12:50 p.m.), have approved the buyback of fully paid-up equity shares of face value of Rs. 5/- (Rupees Five only) each of the Company ("Equity Shares") at a price not exceeding Rs. 50/- (Rupees Fifty only) per Equity Share ("Maximum Buyback Price") excluding any other expenses incurred or to be incurred for the Buyback like filing fees payable to SEBI, Stock Exchanges fees, advisors fees, public announcement, publication expenses, transaction cost viz., brokerage, applicable taxes such as securities transaction tax, stamp duty, income tax etc., and any other incidental and related expenses ("Transaction Cost"), and such aggregate amount, Rs. 4,000 Lakhs (Rupees Four Thousand Lakhs only) ("Maximum Buyback Size") from the open market through stock exchange mechanism in such manner as may be prescribed in the Companies Act, 2013 (as amended) and rules made thereunder and the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018, as amended ("Buyback Regulations") ("Buyback").

The Maximum Buy Back Size represents 5.97% and 5.93% of the aggregate of the total paid-up equity capital and free reserves of the Company based on the audited standalone and consolidated financial statements respectively of the Company for last financial year ended on March 31, 2021.

The company has appointed "Finshore Management Services Limited" as the "Manager" to the Buyback.

Shares of Pennar Industries Limited was last trading in BSE at Rs. 37.30 as compared to the previous close of Rs. 35.70. The total number of shares traded during the day was 180679 in over 1457 trades.

The stock hit an intraday high of Rs. 37.50 and intraday low of 35.60. The net turnover during the day was Rs. 6624315.00.

Source : Equity Bulls

Keywords

PennarIndustries INE932A01024 Buyback OpenMarketPurchase