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Cochin Shipyard Ltd board approves buy back at Rs. 455

Posted On: 2018-10-16 16:47:24

The Board of Directors of Cochin Shipyard Ltd at its meeting held on October 16, 2018 concluded at 16.00 hrs. has approved the buyback proposal for purchase by the Company of its own fully paid equity shares of Rs.10/- each ("Equity Shares") not exceeding 43,95,610 (Fourty Three Lakh Ninety Five Thousand Six Hundred and Ten) equity shares (representing 3.23% of the total outstanding number of equity shares in the paid-up share capital of the Company) at a price of Rs. 455/- (Rupees Four Hundred and Fifty Five only) per equity share ("Buyback Offer Price") payable in cash for an aggregate consideration not exceeding Rs. 200,00,02,550 /- (Rupees Two Hundred Crore Two Thousand Five Hundred and Fifty only) ("Buyback Offer Size") being 6.41% of the aggregate of the fully paid-up equity share capital and free reserves as per the audited standalone financial statements of the Company for the financial year ended March 31, 2018 (hereinafter referred to as the "Buyback") from the shareholders of the Company, as on the record date, i.e. October 31, 2018 ("Record Date"), on a proportionate basis through the tender offer route in accordance and consonance with the provisions contained in the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018 ("Buyback Regulations") (including any statutory modification(s) or re-enactment of the Act or Buyback Regulations, for the time being in force) and the Companies Act, 2013 ( "Act"). The Buyback Offer Size does not include any expenses incurred or to be incurred for the Buyback such as filing fees payable to SEBI, advisors fees, transaction costs viz. brokerage, applicable taxes such as securities transaction tax, Goods and Services Tax, stamp duty, etc., public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.

The board also approved the formation of a Buyback Committee ("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.

Shares of Cochin Shipyard Ltd was last trading in BSE at Rs.400 as compared to the previous close of Rs. 402.2. The total number of shares traded during the day was 16305 in over 902 trades.

The stock hit an intraday high of Rs. 409 and intraday low of 394.3. The net turnover during the day was Rs. 6535270.

Source: Equity Bulls

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