The Board of Directors of Ramkrishna Forgings Limited ("Company"), at its meeting held today i.e. March 21, 2020, has approved buyback of an aggregate amount not exceeding, Rs. 40,00,00,000/- (Rupees Forty Crores Only) ("Maximum Buyback Size") from the Open Market through Stock Exchange mechanism in such manner as may be prescribed thereto at a price not exceeding Rs. 250/- (Rupees Two Hundred Fifty Only) per equity share ("Maximum Buyback Price"), payable in cash, excluding any other expenses incurred or to be incurred for the Buyback like brokerage, advisor's fees, intermediaries fees, public announcement publication fees, filing fees, turnover charges, applicable taxes such as securities transaction tax, goods and services tax, income tax, stamp duty and other incidental and related expenses thereto (collectively referred to as "Transaction Cost").
The indicative Maximum Buyback Shares at the Maximum buyback price to be bought back is 1600000 (Sixteen Lakhs) fully paid-up equity shares of face value of Rs. 10/- (Rupees Ten Only) each ("Indicative Maximum Buyback Shares") of the Company. Further, the number of equity shares bought back under the Buyback will not exceed 25% of the total number of Equity Shares of the Company.
The Maximum Buy-back Size represents 4.81% and 4.82% of the aggregate of the total paidup equity capital and free reserves of the Company based on the audited standalone and consolidated financial statements respectively of the Company for last financial year ended on 31.03.2019.
Shares of RAMKRISHNA FORGINGS LTD. was last trading in BSE at Rs.169.55 as compared to the previous close of Rs. 177.85. The total number of shares traded during the day was 17082 in over 1651 trades.
The stock hit an intraday high of Rs. 183.4 and intraday low of 163.1. The net turnover during the day was Rs. 2985361.