Stocks

Kanchi Karpooram board okays buyback at ₹405/share

Our Bureau Chennai | Updated on November 20, 2020 Published on November 20, 2020

The ₹8.91-cr share buyback will be through the tender offer route on proportionate basis

The board of directors of Kanchi Karpooram has approved the buyback of up to 2.20 lakh shares of the company, constituting 5.17 per cent of its fully paid-up equity share capital, at ₹405 a share. The buyback, which works out to be worth ₹8.91 crore, will be through the tender offer route on proportionate basis from the shareholders as on the record date.

The record date for identifying the eligible shareholders for the buyback has been fixed as December 4, 2020.

The board noted that none of the promoters are participating in the proposed buyback offer.

The board has constituted a buyback committee and appointed Saffron Capital Advisors Private Limited, a SEBI-registered Category I Merchant Banker as ‘Sole Manager’ to the buyback offer.

On Friday, shares of Kanchi Karpooram traded on the BSE at ₹412, down from its previous close of ₹418.

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

Published on November 20, 2020
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.