Marksans Pharma Ltd board approves buyback

The Board of Directors of Marksans Pharma Limited at its meeting held on July 08,2022 has approved the proposal to Buyback its own fully paid up Equity Shares of face value Re. 1/- each upto a maximum price of Rs. 60.00 (Indian Rupees Sixty only) per Equity Share ("Maximum Buyback Price") payable in cash for an aggregate Buyback consideration not exceeding Rs. 6000.00 Lakhs (Indian Rupees Six Thousand Lakhs only) ("Maximum Offer Size") which is 8.78% and 5.79% of the paid up share capital, free reserves and securities premium of the Company as per the latest audited standalone and consolidated financial statements of the Company, respectively, for the financial year ended March 31, 2022 through the Open Market route on the Stock Exchanges Le., National Stock Exchange of India Limited ("NSE") and BSE Limited ("BSE") (NSE and BSE are collectively referred to as the "Stock Exchanges") from the equity shareholders / beneficial owners of the Equity Shares of the Company (other than those who are promoters, members of the promoter group and persons in control of the Company).

The Maximum Buyback Size shall not include any expenses incurred or to be incurred for the Buyback like filing fees payable to the SEBI, merchant banker fees, stock exchange fee, transaction costs viz. brokerage, applicable taxes including tax on distributed income to shareholders, Securities Transaction Tax, Goods and Services Tax, Stamp duty, etc., public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses.

Subject to the market price of the Equity Share being equal to or less than the Maximum Buyback Price, the indicative maximum number of Equity Shares bought back would be 1,00,00,000 (One Crore) Equity Shares ("Indicative Maximum Buyback Shares"), comprising approximately 2.44% of the paid up Equity Share capital of the Company as of March 31, 2022. If the Equity Shares are bought back at a price below the Maximum Buyback Price, the actual number of Equity Shares bought back could exceed the Indicative Maximum Buyback Shares, but will always be subject to the Maximum Buyback Size and will not be exceed 25% of the paid-up Equity Share capital of the Company as at March 31, 2022. The Company shall utilise at least 50% of the amount earmarked as the Maximum Buyback Size for the Buyback Le., Rs. 3000.00 Lakhs (Indian Rupees Three Thousand Lakh only) ("Minimum Buyback Size"). Based on the Minimum Buyback Size and Maximum Buyback Price, the Company would purchase a minimum of 50,00,000 (Fifty Lakh) Equity Shares("Minimum Buyback Shares").

Shares of Marksans Pharma Limited was last trading in BSE at Rs. 50.10 as compared to the previous close of Rs. 50.10. The total number of shares traded during the day was 405867 in over 2723 trades.

The stock hit an intraday high of Rs. 50.90 and intraday low of 49.15. The net turnover during the day was Rs. 20315896.00.

Source : Equity Bulls

Keywords

MarksansPharma INE750C01026 Buyback OpenMarketPurchase