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Neelamalai Agro Industries Ltd board approves buyback of 25,350 shares at Rs. 1600 per share

Posted On: 2021-01-21 04:23:53 (Time Zone: Arizona, USA)


The Board of Directors of Neelamalai Agro Industries Ltd. in their Meeting held today, January 21, 2021 have discussed and approved the buyback of upto 25,350 (Twenty-Five Thousand Three Hundred Fifty) Equity Shares of the Company (the "Equity Shares") of the face value of Rs. 10 each constituting 4.04% of the fully paid-up Equity Share capital of the Company at a price of Rs. 1,600 per Equity Share aggregating to Rs. 4,05,60,000 (Rupees Four Crores Five Lacs Sixty Thousand only) representing 9.99% and 2.45% of the fully paid-up Equity Share capital and free reserves as per the audited financial statements of the Company for the financial year ended March 31, 2020, on standalone and consolidated basis, respectively through the "Tender Offer" route as prescribed under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended (the "Buyback Regulations") on a proportionate basis from the shareholders as on the record date (to be decided later), subject to regulatory compliances required under applicable laws ("Buyback Offer").

The Board noted the intention of both the Promoters of the Company to not participate in the proposed Buyback Offer.

The board has constituted a 'Buyback Committee' comprising of Mr. Ajit Thomas, Mr. F.S.Mohan Eddy and Mr.S.Ganesan. The aforesaid committee is authorized to take all necessary actions for executing the activities relating to the Buyback Offer.

The board also appointed Saffron Capital Advisors Private Limited, a SEBI registered Category 1 Merchant Banker as 'Sole Manager' to the Buyback Offer.


Source: Equity Bulls

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