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Granules India Ltd board approves buy back at Rs. 200 through tender offer route

Posted On: 2020-01-21 13:36:50

The Board of Directors of Granules India Ltd at their meeting held today has approved the buyback of equity shares of the company through tender offer route at Rs. 200 per share.

Subject to approval of the Members of the Company, approved a proposal to Buy-back up to 1,25,00,000 (One crore twenty five lakhs only) equity shares of the Company for an aggregate amount not exceeding Rs. 250 crores (Two hundred and fifty crores only) (the "Buyback Size"), being 4.92% of the total paid-up equity share capital, at Rs.200/- (Rupees two hundred only) per equity share (the "Buyback"). The Buyback is proposed to be made from all existing shareholders of the Company as on the record date on a proportionate basis under the tender offer route in accordance with the provisions of the Companies Act, 2013 and the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (the "Buyback Regulations"). The Buyback Size does not include transaction costs viz. brokerage, applicable taxes such as securities transaction tax, GST, stamp duty, any expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India, advisors / legal fees, public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses.

Shares of GRANULES INDIA LTD. was last trading in BSE at Rs.147.15 as compared to the previous close of Rs. 142. The total number of shares traded during the day was 492710 in over 9051 trades.

The stock hit an intraday high of Rs. 152.55 and intraday low of 141.4. The net turnover during the day was Rs. 73399924.


Source: Equity Bulls

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