Suprajit Engineering Ltd board approves buy-back of shares at Rs. 320

The Board of Directors of Suprajit Engineering Ltd at its meeting held on February 10, 2021, has approved the proposal to buy-back up to 15,00,000 Equity Shares (Fifteen Lakhs only) of Re.1/- each of the Company for an aggregate amount not exceeding Rs. 48,00,00,000 {Rupees Forty Eight Crores only) (hereinafter referred to as the "Buyback Size") being 1.07% of the total paid-up equity share capital, at Rs. 320/- (Rupees Three Hundred Twenty only) per Equity Share (hereinafter referred to as the "Buyback Price") and fixed Monday, "February 22, 2021" as "RECORD DATE".

The buyback is proposed to be made from the shareholders of the Company, including Promoters and Promoter Group on a proportionate basis under the 'Tender Offer' route using the stock exchange mechanism in accordance with the provisions contained in the SEBI (Buy Back of Securities) Regulations, 2018 (hereinafter referred to as the 11Buyback Regulations11 ) and the Companies Act, 2013 and rules made thereunder. The Buyback size does not include any taxes and expenses incurred or to be incurred for the buyback like filing fees payable to Securities and Exchange Board of India, advisory fees, public announcement publication expenses, printing and dispatch expenses, and other incidental and related expenses.

The Board has appointed CapitalSquare Advisors Private Limited, a SEBI registered Category-I Merchant Banker as Manager to the Buy back offer.

Shares of SUPRAJIT ENGINEERING LTD. was last trading in BSE at Rs.243.5 as compared to the previous close of Rs. 237.65. The total number of shares traded during the day was 6531 in over 226 trades.

The stock hit an intraday high of Rs. 244.5 and intraday low of 234.75. The net turnover during the day was Rs. 1556241.

Source : Equity Bulls

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