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Orbit Exports Ltd Board approves Buy back of equity shares

Posted On: 2019-03-19 08:14:21

The Board of Directors of Orbit Exports Ltd, at its meeting held on March 18, 2019 has approved the Buy-back of fully paid up equity shares by the Company having face value of Rs.10/- each ("Equity Share(s)") from open market through stock exchanges method prescribed under the Buyback Regulations and the Act, for an amount not exceeding Rs. 10,00,00,000/- (Rupees Ten Crore only) excluding transaction costs viz. fees, brokerage, applicable taxes such as securities transaction tax, goods and services tax, stamp duty, etc. ("Transaction Costs") ("Maximum Buy-back Size") at a price not exceeding Rs.130/- (Rupees One hundred and Thirty Only) per Equity Share ("Maximum Buy-back Price") payable in cash which represents 7.22% and 7.07% of the total paid-up equity share capital and free reserves (including securities premium account) as per the audited standalone financial statements and the audited consolidated financial statements respectively of the Company for the financial year ended on March 31, 2018 from the equity shareholders / beneficial owners of the Equity Shares of the Company other than the Promoters, member of Promoter Group and Persons Acting in Concert, it being understood that the "Promoters", "Promoter Group" and "Persons Acting in Concert" will be such persons as have been disclosed under the shareholding pattern filings made by the Company from time to time under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended ("Buy-back").

Shares of ORBIT EXPORTS LTD. was last trading in BSE at Rs.112.95 as compared to the previous close of Rs. 97.55. The total number of shares traded during the day was 9338 in over 239 trades.

The stock hit an intraday high of Rs. 117.05 and intraday low of 104. The net turnover during the day was Rs. 1040648.


Source: Equity Bulls

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