Rishiroop Ltd board approves buyback of shares at Rs. 125 per share

The Board of Directors of Rishiroop Ltd at its meeting held today has approved the buyback up to 6,40,000 fully paid-up equity shares of face value of Rs. l0/- (Rupees Ten only) each of the Company ("Equity Shares") representing up to 6.60% of the total number of Equity Shares of issued and paid-up Equity Share capital of the Company at a price of Rs. 125/- (Rupees One Hundred Twenty Five Only) per Equity Share ("Buy Back Price") (including premium of Rs. 115/- per Equity Share) payable in cash for an aggregate amount of up to Rs. 8,00,00,000/- (Rupees Eight Crore Only) (excluding transaction costs such as brokerage, Buyback ta-x, securities transaction tax, goods and service tax, stamp duty etc.)("Buyback Size"), which is 9.67 % of the fully paid-up equity share capital and free reserves, as per the audited balance sheet of the Company as on March 31,2021, (the last audited balance sheet available as on the date of Board meeting), on a proportionate basis through tender offer ("Tender Offer") as prescribed under Buyback Regulations, to all the equity shareholders/ beneficiary owners who hold Equity Shares on the Record Date ("Buyback"). The Buyback Size does not include any expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India, fees and charges payable to Stock Exchanges, public announcement expenses, printing and dispatch expenses and other incidental and related expenses.

The Board took note of intention of members of the promoter and promoter group including person in control of the Company to participate in the proposed Buyback.

The Board of Directors has determined the Record Date for the proposed Buyback as Thursday, September 9, 2021 ("Record Date").

The public announcement setting out the process, timelines and other requisite details will be announced in due course in accordance with the Buyback Regulations.

Shares of Rishiroop Limited was last trading in BSE at Rs. 108.2 as compared to the previous close of Rs. 103.65. The total number of shares traded during the day was 20334 in over 200 trades.

The stock hit an intraday high of Rs. 108.8 and intraday low of 106.3. The net turnover during the day was Rs. 2206034.

Source : Equity Bulls

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