The Board of Directors of Magna Electro Castings Ltd in their meeting held on September 18, 2020 has unanimously approved the proposal to buyback of not exceeding 4,00,000 (Four Lakhs) equity shares (representing 8.73% of the total number of equity shares in the paid-up share capital of the Company) at a price of Rs. 175 (Rupees One Hundred and Seventy Five only) per equity share (the "Buy Back Offer Price") payable in cash for an aggregate consideration not exceeding Rs. 7,00,00,000 (Rupees Seven Crores only) (the "Buyback Offer Size") representing 9.52% of the aggregate of the fully paid-up equity share capital and free reserves as per the audited financial statements of the Company for the financial year ended March 31, 2020 (the last audited financial statements available as on the date of Board meeting recommending the Proposal of the Buyback) and is within the statutory limits of 10% (Ten Percent) of the aggregate of the fully paid-up equity share capital and free reserves.
The equity shares will be bought back from all the equity shareholders of the Company, as on the record date, on a proportionate basis through a Tender Offer route in accordance the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (the "Buyback Regulations") (hereinafter referred to as the "Buyback"), subject to all other applicable statutory approvals.
The Board of Directors noted the intention of the Promoters of the Company to not 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.
The Board has fixed Thursday, the 1st October, 2020 as record date for buy back of equity shares.
Shares of MAGNA ELECTRO CASTINGS LTD. was last trading in BSE at Rs.155 as compared to the previous close of Rs. 151.8. The total number of shares traded during the day was 7834 in over 87 trades.
The stock hit an intraday high of Rs. 159.85 and intraday low of 150.5. The net turnover during the day was Rs. 1212710.