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Stock Report
Sarda Energy & Minerals Ltd board approves buyback through tender offer at Rs. 1500 per share
Posted On : 2022-04-23 21:03:02( TIMEZONE : IST )
The Board of Directors of Sarda Energy & Minerals Ltd at their meeting held on 23rd April 2022, has, approved the Buyback of upto 8,11,108 fully paid-up Equity Shares of Rs.10/- each of the Company for an aggregate amount not exceeding Rs. 121.67 Crore (Rupees one hundred twenty-one crore sixty-seven lakh only) (the "Buyback Size") being 2.25% of the total number of Equity Shares in the total paid up equity share capital of the Company, at price of Rs. 1,500/- (Rupees one thousand five hundred only) per Equity Share (the "Buyback Price"). The buyback is proposed to be made to all existing shareholders of the Company as on the Record Date, on a proportionate basis under the tender offer route in accordance with the provisions contained in the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018 ("Buyback Regulations") and the Companies Act, 2013 and rules made thereunder. The Buyback Size does not include any expenses incurred or to be incurred for the buyback such as Securities and Exchange Board of India ("SEBI") fees, Stock Exchange(s) fees, advisory/legal fees, public announcement publication expenses, printing and dispatch expenses, brokerage, applicable taxes inter alia including Buyback Taxes, Securities Transaction Tax, Goods and Services Tax, Stamp Duty and other incidental and related expenses ("Transaction Cost').
The Board noted the intention of the Promoter and Promoter Group of the company to participate in the proposed Buy back.
The board also approved and fixed, 6th May 2022, as record date for the purpose of ascertaining the eligibility of shareholders for the Buy back of Equity Shares of the Company.
Shares of Sarda Energy & Minerals Limited was last trading in BSE at Rs. 1310.35 as compared to the previous close of Rs. 1234.70. The total number of shares traded during the day was 19966 in over 2350 trades.
The stock hit an intraday high of Rs. 1324.00 and intraday low of 1221.55. The net turnover during the day was Rs. 25721695.00.
