Pursuant to the discussion in the meeting, the Board has approved the proposal to buyback ("Buy" />
Pursuant to the discussion in the meeting, the Board has approved the proposal to buyback ("Buy" />
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S H Kelkar and Company board approves buy back at Rs. 180

Posted On: 2019-06-10 14:43:45

The meeting of Board of Directors ("the Board") of S H Kelkar and Company Limited ("the Company") was held today at its corporate office.

Pursuant to the discussion in the meeting, the Board has approved the proposal to buyback ("Buyback") upto 33,00,000 (Thirty Three Lakh) fully paid-up equity shares of Rs. 10/- each of the Company at a price of Rs. 180/- (Rupees One Hundred and Eighty Only) per equity share payable in cash for an aggregate consideration not exceeding Rs. 59,40,00,000/- (Rupees Fifty Nine Crone Forty Lakhs only), representing 9.96% & 7.17% of the fully paid-up equity share capital and free reserves as per the audited standalone and consolidated financial statements of the Company for the financial year ended March 31, 2019 (the last audited financial statements available as on the date of the Board Meeting approving the Buyback), from all the equity shareholders of the Company, as on the record date, on a proportionate basis through a "Tender Offer" route in accordance with the provisions contained in the Companies Act, 2013, the Companies (Management and Administration) Rules, 2014, the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 (the "Buyback Regulations"), subject to all other applicable statutory approvals. The Buyback is within the statutory limits of 10% of the fully paid-up equity share capital and free reserves as per audited standalone and consolidated financial statements of the Company under the Board of Directors approval route as per the provisions of the Companies Act, 2013.

The board noted that promoter/promoter group of the Company intend to tender such number of equity shares held by them in the Company, as required in compliance with Buyback Regulations / Terms of the Buy Back and with the objective of maintaining Minimum Public Shareholding (MPS) post Buyback. Accordingly, promoter Directors did not participate in the decision making of the aforesaid resolution.

The board has appointed Keynote Financial Services Ltd., Merchant Bankers, as the "Manager to the Offer" for the proposed Buyback.

The bo ard also appointed Link Intime India Private Limited a SEBI Registered R & T agent and the existing Registrar to the Company as "R & T Agent" for the purpose of complete coordination in respect of the Buyback of shares of the Company.

The board authorised and delegated, to the Audit Committee of the Board of Directors of the Company, its powers 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 S H Kelkar and Company Ltd was last trading in BSE at Rs.150.75 as compared to the previous close of Rs. 151.55. The total number of shares traded during the day was 8711 in over 264 trades.

The stock hit an intraday high of Rs. 159 and intraday low of 147. The net turnover during the day was Rs. 1331296.

Source: Equity Bulls

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