The Board of Directors of KIOCL Ltd in their meeting held on September 18, 2018 has unanimously approved the proposal to buyback of not exceeding 1,25,88,235 equity shares (representing 1.98% of the total number of equity shares in the Paid-up share capital of the Company at a price of Rs. 170 (Rupees One Hundred Seventy only) per equity share (the "Buyback Offer Price") of face value Rs.10 each, payable in cash for an aggregate consideration not exceeding Rs. 214 crores (Rupees Two Hundred Fourteen Crores Only), which is not exceeding 10% 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, 2018 (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 under the board of directors approval route as per the provisions of the Companies Act, 2013 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"), subject to all other applicable statutory approvals.
The Board of Directors noted the intention of the Promoter 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.
The Meeting concluded at 7.30 PM.
The Company has fixed 1st October, 2018 as Record Date for determining the entitlement and the names of the Eligible Shareholders / Beneficial Owners to whom the letter of offer will be sent and will be eligible to participate in the buyback of 1,25,88,235 equity shares fully paid-up equity shares of the Company.
Shares of KIOCL Ltd was last trading in BSE at Rs.229.4 as compared to the previous close of Rs. 234.2. The total number of shares traded during the day was 53151 in over 1373 trades.
The stock hit an intraday high of Rs. 242.85 and intraday low of 227. The net turnover during the day was Rs. 12416443.