Goldiam International Ltd board approves buyback proposal

The board of directors of Goldiam International Ltd has approved the proposal to buyback up to 21,79,493 fully paid up equity shares (Twenty One Lakhs Seventy Nine Thousand Four Hundred Ninety Three only) of the Company for an aggregate amount not exceeding Rs.32,69,23,950/- (Rupees Thirty Two crores Sixty Nine lakhs Twenty Three Thousand Nine Hundred Fifty only) (hereinafter referred to as the "Buyback Size"), being 2% of the total paid-up equity share capital and 12.47% and 5.78% of the total paid-up equity share capital and free reserves of the Company based on the audited standalone financial statements and consolidated financial statements respectively of the Company as on March 31, 2023, at a price of Rs.150/- (Rupees One hundred Fifty only) per equity share (hereinafter the "Buyback Price" and such buyback, the "Buyback").

The Buyback is proposed to be made from the existing shareholders of the Company as on the record date on a proportionate basis under the tender offer route using the stock exchange mechanism in accordance with the provisions contained in the SEBI (Buy Back of Securities) Regulations, 2018 ("Buyback Regulations") and the Companies Act, 2013 and rules made thereunder (including any statutory modification(s) or re-enactment of the Companies Act, 2013 or Buyback Regulations).

The Buyback Size does not include transaction costs viz. brokerage, applicable taxes such as Buyback tax, securities transaction tax, GST, stamp duty, any expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India, advisors fees, public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses.

Members of the promoter and promoter group of the Company have indicated their intention to participate in the proposed Buyback.

The proposed Buyback is subject to approval of shareholders by means of a special resolution through a postal ballot. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.

The Company has formed a buyback committee to oversee and implement the Buyback and to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient, usual or proper in connection with the proposed Buyback.

Source : Equity Bulls

Keywords

GoldiamInternational BuyBack TenderOffer