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Smartlink Holdings Ltd Board approves Buy back of equity shares at Rs. 95

Posted On: 2020-12-04 07:19:37 (Time Zone: Arizona, USA)

The Board of Directors of Smartlink Holdings Ltd at its meeting held today i.e., December 4, 2020, which commenced at 3:15 pm and concluded at 4:20 pm has, approved the buyback proposal for purchase by the Company of its own fully paid up equity shares of INR 2/- (Indian Rupees Two only) each ("Equity Shares") from all shareholders/ beneficial owners of the Equity Shares of the Company, including promoters, as on the record date to be announced later ("Record Date") not exceeding 33,25,000 Equity Shares (being 25% of the total Equity Shares in the total paid-up equity share capital of the Company as on March 31, 2020) at a price INR 95/- (Indian Rupees Ninety Five only) per Equity Share ("Buyback Offer Price"), for an aggregate amount not exceeding INR 31,58,75,000/- (Indian Rupees Thirty One Crore Fifty Eight Lakh Seventy Five Thousand Only), excluding any expenses incurred or to be incurred for the buyback, viz. brokerage, costs, fees, turnover charges, printing and dispatch expenses, applicable taxes such as securities transaction tax, goods and service tax (if, any), stamp duty, advisors fees, filing fees, and other related and incidental expenses and charges, (hereinafter referred to as the "Buyback Offer Size"), (being less than 25% of the aggregate of the total paid-up equity capital and free reserves of the Company as on March 31, 2020), on a proportionate basis, through the "tender offer" route (hereinafter referred to as the "Buyback") using mechanism for acquisition of shares through stock exchange as prescribed under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended (Buyback Regulations") and the Companies Act, 2013 ("Companies Act") (including any statutory modification(s) or re-enactment of the Companies Act or the Buyback Regulations, for the time being in force) and such other circulars or notifications issued by the Securities and Exchange Board of India and the Companies Act, 2013 and rules made thereunder, as amended from time to time. The Buyback Offer Size represents 17.43% and 17.88% of the aggregate of the Company's fully paid-up capital and free reserves as per the latest standalone and consolidated audited financial statements of the Company, respectively, as on March 31, 2020.

The Board also recorded the intention of certain promoters of the Company to participate in the proposed Buyback.

The Buyback is subject to approval of the shareholders by way of a special resolution through a postal ballot including electronic voting and all other applicable statutory and regulatory approvals.

Shares of Smartlink Holdings Ltd was last trading in BSE at Rs.100.6 as compared to the previous close of Rs. 105.5. The total number of shares traded during the day was 47357 in over 1298 trades.

The stock hit an intraday high of Rs. 107.45 and intraday low of 98.15. The net turnover during the day was Rs. 4776348.

Source: Equity Bulls

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