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Sterlite Technologies Ltd Board approves Buyback of equity shares

Posted On: 2020-03-24 12:19:28

The Board of Directors of the Company, at its meeting held today i.e. March 24, 2020, has approved the buyback of fully paid-up equity shares of face value of Rs. 2/- each of the Company ("Equity Shares") at a price not exceeding Rs. 150/- (Rupees One Hundred and Fifty only) per Equity Share ("Maximum Buyback Price") excluding any other expenses incurred or to be incurred for the Buyback like filing fees payable to SEBI, Stock Exchanges fees, advisors fees, public announcement, publication expenses, transaction cost viz., brokerage, applicable taxes such as securities transaction tax, stamp duty, income tax etc., and any other incidental and related expenses ("Transaction Cost"), and such aggregate amount, Rs. 145 Crores (Rupees One Hundred and Forty Five Crores only) ("Maximum Buyback Size") from the open market through stock exchange mechanism in such manner as may be prescribed in the Companies Act, 2013 (as amended) and rules made thereunder and the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018, as amended ("Buyback Regulations") ("Buyback").

The Maximum Buy Back Size represents 9.95% and 9.32% of the aggregate of the total paid-up equity capital and free reserves (including securities premium) of the Company based on the audited standalone and consolidated financial statements respectively of the Company for last financial year ended on March 31, 2019.

At the Maximum Buyback Price and the Maximum Buyback Size, the indicative maximum number of Equity Shares bought back would be 96,66,666 Equity Shares ("Maximum Buyback Shares"), comprising approximately 2.40 % of the paid-up capital of the Company as of March 31, 2019 (on a standalone basis). If the Equity Shares are bought back at a price below the Maximum Buyback Price, the actual number of Equity Shares bought back could exceed the Maximum Buyback Shares, but will always be subject to the Maximum Buyback Size.

Shares of STERLITE TECHNOLOGIES LTD. was last trading in BSE at Rs.63.45 as compared to the previous close of Rs. 72.85. The total number of shares traded during the day was 170345 in over 2863 trades.

The stock hit an intraday high of Rs. 69.5 and intraday low of 62.65. The net turnover during the day was Rs. 11131201.

Source: Equity Bulls

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