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Stock Report
Suraj Ltd board approves buyback of shares
Posted On : 2022-08-10 16:17:18( TIMEZONE : IST )
The Board of Directors of Suraj Ltd, at its meeting held on Monday, August 08, 2022 has approved the proposal to buyback of upto 9,00,000 (Nine Lakh) fully paid-up Equity Shares of the Company, each having a face value of Rs. 10/- ("Equity Shares"), representing 4.67% aggregate of the total paid-up Equity Share capital and free reserves as per the latest audited financial statements of the Company as at March 31, 2022o0f the Company, at a price of Rs. 77/- (Rupees Seventy Seven Only) per Equity Share ("Buyback Price") payable in cash for an aggregate amount not exceeding Rs. 6,93,00,000/- (Rupees Six Crore Ninety Three Lakh Only) ("Buyback Size") being 7.80% of the aggregate of the fully paid-up equity share capital and free reserves as per the latest audited financial statements of the Company as at March 31, 2022.
The Buyback Size does not include transaction costs viz. brokerage costs, fees, turnover charges, applicable taxes such as buyback tax, securities transaction tax, goods and services tax, stamp duty, etc., expenses incurred or to be incurred for the buyback like filing fees payable to the Securities and Exchange Board of India ("SEBI'), advisors / legal fees, public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses, etc.
The buyback is proposed to be made from all of the Equity shareholders / beneficial owners of the Company, including the promoters of the Company (as defined under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011), who hold Equity Shares as of the dates of closure of its transfer book on a proportionate basis through the "tender offer" route.
Shares of SURAJ LTD. was last trading in BSE at Rs. 72.95 as compared to the previous close of Rs. 70.00. The total number of shares traded during the day was 19347 in over 186 trades.
The stock hit an intraday high of Rs. 76.30 and intraday low of 72.00. The net turnover during the day was Rs. 1423578.00.
