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Action Construction Equipment Ltd board approves buyback upto Rs. 125

Posted On: 2019-05-16 16:35:37

The Board of Action Construction Equipment Ltd at its meeting held on Thursday, May 16, 2019, unanimously approved the proposal to buyback Company's fully paid-up equity shares of face value of Rs. 2/- (Rupees Two only) each ("Equity Shares") for an aggregate amount not exceeding Rs. 34,25,00,000 (Rupees Thirty Four Crore Twenty Five Lakh Only), (the "Maximum Buyback Size"), being 9.90% and 9.99% of the total paid up equity share capital and free reserves of the Company based on the standalone and consolidated audited financial statements respectively of the Company as at March 31, 2019 and for a price not exceeding Rs. 125 (Rupees One Hundred and Twenty Five Only) per Equity Share (the "Maximum Buyback Price") from the shareholders of the Company excluding promoters, promoter group, persons acting in concert, and persons who are in control of the Company, payable in cash from the open market through stock exchanges mechanism, in accordance with the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (the "Buyback Regulations") and the Companies Act, 2013 (the "Companies Act") ("Buyback").

The Maximum Buyback Size is in compliance with the maximum permissible limit of 10% of the total paid up equity share capital and free reserves in accordance with Section 68(2) of the Companies Act and Regulation 5{i){b) of the Buyback Regulations. The Maximum Buyback Size does not include any expenses incurred or to be incurred for the Buyback like filling fees, advisory fees, public announcement expenses, brokerage costs, turnover charges, taxes such as securities transaction tax and goods and services tax (if any), stamp duty, other transaction charges and other incidental and related expenses.

At the Maximum Buyback Price and for the Maximum Buyback Size, the indicative maximum number of Equity Shares bought back would be 27,40,000/- (Twenty Seven Lakhs Forty Thousand Only) Equity Shares ("Maximum Buyback Shares") which is 2.34% of the total number of Equity Shares of the Company. 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 Buy back Shares (assuming full deployment of Maximum Buy back Size) but will always be subject to the Maximum Buyback Size.

Shares of ACTION CONSTRUCTION EQUIPMENT LTD. was last trading in BSE at Rs.89.9 as compared to the previous close of Rs. 91.45. The total number of shares traded during the day was 46403 in over 660 trades.

The stock hit an intraday high of Rs. 94 and intraday low of 89.9. The net turnover during the day was Rs. 4275142.

Source: Equity Bulls

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