Indian Toners & Developers Limited board approves buyback at Rs. 160 per share

The Board of Directors of Indian Toners & Developers Limited at its meeting held today i.e, November 05, 2020 has considered and approved the proposal for Buyback of its own fully paid equity shares of Rs. 10/- each ("Equity Shares") from the equity shareholders of the Company as on the record date, to be announced later ("Record Date"), on a proportionate basis through the Tender Offer route, subject to the shareholders' approval.

The Company proposed to buy-back upto 23,11,610 Equity Shares Rs. 10/- each, comprising of 17.56 % of the total paid-up equity capital of the Company, from the equity shareholders of the Company as on the record date, at a price of Rs. 160 /- (Rupees One Hundred & Sixty only) per Equity Share ("Buyback Offer Price"), for an aggregate amount not exceeding Rs. 36,98,57,600/- (Thirty-Six Crores Ninety Eighty Lakhs Fifty Seven Thousands Six Hundred) (hereinafter referred to as the "Buyback ("Offer Size"), (being less than 25% of the total paid-up equity capital and free reserves of the Company based on both audited standalone financial statements and audited consolidated financial statements of the Company as on March 31, 2020).

The Board noted the intention of the Promoters and Promoters Group of the Company, to participate in the proposed Buyback.

Shares of INDIAN TONERS & DEVELOPERS LTD. was last trading in BSE at Rs.116 as compared to the previous close of Rs. 110.65. The total number of shares traded during the day was 28410 in over 283 trades.

The stock hit an intraday high of Rs. 117.85 and intraday low of 111.1. The net turnover during the day was Rs. 3271995.

Source : Equity Bulls

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