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Smartlink Holdings Ltd board approves buy back at Rs. 130

Posted On: 2019-06-14 19:47:37

The Board of Directors of Smartlink Holdings Ltd at its meeting held today i.e., 14 June 2019, which commenced at 10:00 a.m. and concluded at 01:45 p.m. has approved the buyback proposal for purchase by the Company of its own fully paid equity shares of Rs. 2/- (Rupees Two only) each ("Equity Shares") from the equity shareholders of the Company as on the record date to be announced later ("Record Date") not exceeding 42,00,000 Equity Shares (approximately being 24.78% of the total paid-up equity capital of the Company) at a price not exceeding Rs. 130/- (Rupees One Thirty only) per Equity Share ("Buyback Offer Price"), for an aggregate amount not exceeding Rs. 54,60,00,000/- (Rupees Fifty Four Crore Sixty Lakh Only), any expenses incurred or to be incurred for the buy-back, like filing fee payable to the Securities and Exchange Board of India, transaction costs viz. brokerage, advisors' fees, printing and dispatch expenses, applicable taxes such as securities transaction tax, goods and service tax, stamp duty and other related and incidental expenses, (hereinafter referred to as the "Buyback Offer Size"), (being less than 25% of the total paid-up equity capital and free reserves of the Company as on 31 March 2019 from the shareholders of the Company, on a proportionate basis, through the "tender offer" route (hereinafter referred to as the "Buyback") in accordance and consonance with the provisions contained in the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018 ("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).

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

The Buyback will be subject to approval of the shareholders by way of a special resolution by way of a postal ballot and all other applicable statutory and regulatory approvals.

The Record Date for the proposed Buyback will be announced in due course.

Shares of Smartlink Holdings Ltd was last trading in BSE at Rs.108.3 as compared to the previous close of Rs. 96.8. The total number of shares traded during the day was 104374 in over 1239 trades.

The stock hit an intraday high of Rs. 112.5 and intraday low of 98.5. The net turnover during the day was Rs. 11159494.

Source: Equity Bulls

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