Cosmo Films Ltd board approves buy back at Rs. 576 per share

The Board of Directors of Cosmo Films Ltd, at its meeting held today i.e., October 26,2020 has approved the buyback of fully paid up Equity Shares of face value of Rs. 10 (Rupees Ten Only)each not exceeding 12,67,361 Equity Shares (representing 6.52%.ofthe total paid up equity share capital of the Company as on March 31, 2020) at a price of Rs 576/-per Equity Share (the "Buy Back Offer Price") payable in cash for an aggregate maximum amount not exceeding Rs.73,00,00,000/- (Rupees Seventy Three Crores), excluding taxes payable under Income Tax Act, 1961 and any expenses incurred or to be incurred for the Buyback viz., brokerage, costs, fees, turnover charges, taxes such as securities transaction tax and goods and services tax (if any), stamp duty, advisors fees, printing and dispatch expenses and other incidental and related expenses and charges which represents 9.69.% and 9.95.% of the aggregate paid-up share capital and free reserves as per the audited standalone and consolidated financial statements of the Company respectively, for the financial year ended March 31, 2020 (the "Buyback"), on a proportionate basis, from all the shareholders of the Company who hold Equity Shares as of the Record Date through the "Tender Offer" route as prescribed under Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018, as amended (the "Buyback Regulations") and the Companies Act, 2013 and rules made thereunder (the "Act").

The board noted the intention of the Promoters and Promoter Group of the Company to participate in the Buy back.

The company has fixed 9 November, 2020 as the Record Date for determining the entitlement and the names of the Eligible Shareholders / Beneficial Owners to whom the letter of offer will be sent and who will be eligible to participate in the Buyback.

The board has delegated the necessary authority to the Buyback Committee to do all such acts, deeds, matters and things as it may at its absolute discretion, deem necessary expedient, usual or proper in connection with the Buyback.

Shares of COSMO FILMS LTD. was last trading in BSE at Rs.467.25 as compared to the previous close of Rs. 456.15. The total number of shares traded during the day was 13528 in over 896 trades.

The stock hit an intraday high of Rs. 478.25 and intraday low of 455.05. The net turnover during the day was Rs. 6315639.

Source : Equity Bulls

Keywords