K P R Mill Ltd had earlier announced buyback offer of up to 37,50,784 Equity Shares. The company has on July 11, 2019 filed with SEBI a communication conveying that the increase in the amount of Buyback obligation due to the tax proposal in the Finance Bill 2019 was neither contemplated nor prevailing at the time of the consideration and the approvals of the Board and Shareholders.
Hence, the company is not permitted to meet the Buyback obligations beyond the amount approved by the Board of Directors and Shareholders of the Company and the same can also be effected only with the borrowed funds, which is prohibited by law. In the above circumstance, the company is unable to file the 'Letter of Offer' and go forward with the proposal, which has been communicated to SEBI.
Shares of K.P.R. Mill Limited was last trading in BSE at Rs.610.6 as compared to the previous close of Rs. 605.25. The total number of shares traded during the day was 1002 in over 115 trades.
The stock hit an intraday high of Rs. 613.7 and intraday low of 603.95. The net turnover during the day was Rs. 608670.