K.P.R. Mill Limited - Board approves Buy-back of Equity Shares

| Updated on April 30, 2019

K.P.R. Mill Ltd has informed BSE that the Board of Directors of the Company in their meeting held on April 29, 2019, inter alia, has unanimously approved the proposal to buyback of not exceeding 37,50,784 (Thirty seven lakh fifty thousand seven hundred and eighty four) equity shares of the Company (representing 5.17% of the total number of equity shares in the paid-up share capital of the Company) at a price of Rs. 702/- (Rupees Seven hundred and two only) per equity share payable in cash for an aggregate consideration not exceeding Rs. 263,30,50,368/- (Rupees Two hundred sixty three crores thirty
lakh fifty thousand three hundred and sixty eight only),excluding transaction costs viz. brokerage, securities transaction tax, goods and service tax, stamp duty, etc., which is approximately 17.61% and 14.87% of the fully paid-up Equity Share capital and Free Reserves (including Securities premium Account) as per the latest audited Standalone and consolidated financial Statements, which is not exceeding 25% of the aggregate of the fully paid-up share capital and free reserves as per the audited standalone and consolidated financial statements of the Company for the financial year ended March 31, 2019 (the last audited financial statements available as on the date of Board meeting recommending the proposal of the Buyback) from all the equity shareholders of the Company, as on the record date, on a proportionate basis through a Tender offer route in accordance with the Companies Act,2013, the Companies (Management and Administration) Rules, 2014, the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018, as amended (the "Buyback Regulations"), subject to the approval of the shareholders of the Company by way of a special resolution through Postal Ballot and all other applicable statutory approvals.

The Board of Directors noted the intention of the Promoters of the Company to participate in the proposed Buyback.

The Board of Directors has constituted a Buyback Committee and delegated its powers to the Buyback Committee 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 buyback.

Pdf Link: K.P.R. Mill Limited - Board approves Buy-back of Equity Shares

Source : BSE - www.bseindia.com

Published on April 30, 2019

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor