KDDL Ltd board approves buyback through open market route

The Board of Directors of KDDL Limited ("Company") at its Meeting held today i.e. Wednesday, 18th January 2023 has, approved the proposal to Buyback Equity Shares of the Company through Open Market Route.

The board approved the proposal of Buyback of fully paid-up equity shares having a face value of Rs. 10/- (Rupee Ten only) each of the Company at a price not exceeding Rs. 1200/- (Rupees One Thousand Two Hundred only) per equity share ("Maximum Buyback Price") and for an aggregate amount not exceeding Rs. 2100 lakhs (Rupees Twenty One Hundred Lakhs only) ("Maximum Buyback Size"), from the shareholders of the Company (other than the promoters, the promoters group and persons in control of the Company) payable in cash via "Open Market" route through the stock exchange mechanism which is less than 10% of the aggregate of the total paid-up share capital and free reserves of the Company, based on the latest audited standalone and audited consolidated financial statements of the Company as on March 31, 2022.

At the Maximum Buy-back Size and the Maximum Buy-back Price, the indicative maximum number of equity shares to be bought back under the Buy-back would be 1,75,000 equity shares (representing 1.37 % which is less than 25% of the total number of paid-up equity shares of the Company). The Maximum Buyback size represents 9.73% and 8.47% of the aggregate of the total paid-up equity share capital and free reserves of the Company based on the latest audited standalone and audited consolidated financial statements of the Company as on March 31, 2022, respectively. The actual number of equity shares bought back during the Buy-back will depend upon the actual price, excluding the Transaction Costs, paid for the equity shares bought back and the aggregate consideration paid in the Buy-back, subject to the Maximum Buy-back Size.

Maximum Buyback Size shall not include any other expenses incurred or to be incurred for the Buyback namely filing fees payable to SEBI, brokerage cost, filing fees, advisory fees, intermediaries' fees, public announcement publication expenses, printing and dispatch expenses, applicable taxes such as buyback tax, securities transaction tax, goods and services tax, stamp duty etc. and other incidental and related expenses. ("Transaction Cost").

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

Shares of KDDL Limited was last trading in BSE at Rs. 1067.70 as compared to the previous close of Rs. 1074.80. The total number of shares traded during the day was 760 in over 91 trades.

The stock hit an intraday high of Rs. 1084.20 and intraday low of 1063.00. The net turnover during the day was Rs. 816619.00.

Source : Equity Bulls

Keywords

KDDL Limited INE291D01011 Buyback OpenMarketRoute