Matrimony.com Ltd Board approves Buy-back of Equity Shares

The Board of directors of Matrimony.com Ltd have approved the proposal of buy back of fully paid-up equity shares of face value Rs. 5 (Rupees Five only) each of the Company ("Equity Shares") for an amount not exceeding Rs. 750 million (Rupees Seven Hundred and Fifty Million only) excluding any expenses incurred or to be incurred for the buy back viz. brokerage costs, fees, turnover charges, taxes such as securities transaction tax and goods and services tax (if any), tax on distributed income on buy back, stamp duty, advisors fees, filing fees, public announcement expenses printing and dispatch expenses, if any, and other incidental and related expenses and charges etc. ("Transaction Costs") ("Maximum Buy Back Size"), being 24.24% and 24.36 % of the aggregate of the total paid-up Equity Share capital and free reserves of the Company based on the latest standalone and consolidated audited financial statements of the Company respectively as on March 31, 2022, at a buy back price not exceeding Rs. 1150/- (Rupees One Thousand One hundred and Fifty only) per Equity Share ("Maximum Buy Back Price"), payable in cash, from the shareholders / beneficial owners of the Equity Shares of the Company as on a record date to be subsequently decided by the board / buy back committee as may be formed by the Board ("Record Date"), through the "tender offer" route, on a proportionate basis provided that 15% (fifteen percent) of the number of Equity Shares which the Company proposes to Buy-Back or number of Equity Shares entitled as per the shareholding of small shareholders as on the Record Date, whichever is higher, shall be reserved for the small shareholders as prescribed under the SEBI Buy Back Regulations (hereinafter referred to as the "Buy Back").

At the Maximum Buy Back Price i.e. Rs. 1150/- (Rupees One Thousand One hundred and Fifty only) per Equity Share and for Maximum Buy Back Size i.e. Rs. 750 million (Rupees Seven Hundred and Fifty Million only), indicative maximum number of Equity Shares proposed to bought back would be 6,52, 173 (Six Lakh Fifty Two Thousand One Hundred and Seventy Three only) Equity Shares ("Indicative Maximum Buy Back Shares"). However, the actual bought back shares may exceed the Indicative Maximum Buy Back Shares, if the Buy Back price fixed by the Buy Back Committee is less than the Maximum Buy Back Price, subject to not exceeding 25% of the total number of Equity shares in the paid-up Equity Share capital of the Company and the amount utilized shall not exceed Maximum Buy Back Size.

The proposed Buy Back is subject to approval of shareholders by way of a special resolution through a postal ballot (including Remote E-voting) pursuant to Section 108 and 110 of the Companies Act, 2013 read with Rules framed thereunder and all other applicable statutory approvals. The process, timelines and other requisite details with regard to postal ballot will be announced in due course.

The Board has also constituted a committee for the purpose of the Buy Back {"Buy Back Committee") and has delegated its powers to the Buy Back Committee to do or cause to be done all such acts, deeds, matters and things, in its discretion, deemed necessary in connection with the Buy Back.

Mr. Vijayanand Sankar, Company Secretary & Compliance Officer be and is hereby appointed as the Compliance officer for the purpose of proposed Buy Back. Motilal Oswal Investment Advisors Limited, a SEBI Registered Merchant Banker, has been appointed as the Manager to the Buy Back.

Shares of Matrimony.Com Limited was last trading in BSE at Rs. 769.25 as compared to the previous close of Rs. 666.65. The total number of shares traded during the day was 41813 in over 4427 trades.

The stock hit an intraday high of Rs. 792.00 and intraday low of 722.35. The net turnover during the day was Rs. 32133076.00.

Source : Equity Bulls

Keywords

MatrimonyComLimited INE866R01028 Buyback