Buyback of Chambal Fertilizers: The board of directors of Chambal Fertilizers and Chemicals Ltd has declared a buyback of shares at ₹450 per share. The company’s board also set a record date for the buyback of shares on January 18, 2024, ie Thursday next week. In its meeting on Monday, the company’s board considered and approved the buyback of shares through a tender process.
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Chambal Fertilizers buyback details
Informing Indian stock market exchanges about buyback of shares, Chambal Fertilizers and Chemicals Ltd said, “In accordance with Regulation 30 of the Listing Regulations, we wish to inform you that the Board of Directors of the Company, in its meeting held today, that is the January 8. , 2024, approved buyback of fully paid up equity shares of face value of Rs.10/- each, not exceeding 1,55,55,555 equity shares (representing 3.74% of the total paid up equity share capital of the Company as on March 31, 2023) at a price of Rupees 450 per share, payable in cash for an aggregate amount not exceeding Rupees 700 (Rupees Seven Hundred Crore only) excluding taxes payable under the Income-tax Act, 1961 and expenses incurred. and be made for the repurchase which is 9.82% and 9.52% of the fully paid up share capital and free reserves as per the latest audited standalone and consolidated balance sheet of the Company for the financial year ended 31st March 2023 respectively as per proportionate basis of all the existing shareholders of the Company as on the record date, through the “Tender Offer” route in accordance with the provisions contained in the Companies Act, 2013 and the rules made thereunder and the Securities and Exchange Board of India (Buy-back of Securities ) Regulations, 2018 (“Purchase Regulations”).”
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Record record date of Chambal Fertilizers
The board of directors of Chambal Fertilizers and Chemicals Ltd has also set a record date for the buyback of shares citing, “As per Regulation 42 of the Listing Regulations and Regulation 9(i) of the Buyback Regulations, fixed on January 18, 2024 , as the ‘Record Date” to determine the right and names of the eligible shareholders/beneficial owners to whom the offer letter will be sent, and who are entitled to participate in the buyback.”
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Comparing the buyback price of Chambal Fertilizers with the share price of Chambal Fertilizers, the buyback was offered at more than 15 percent premium as the share price of Chambal Fertilizers fluctuated around. ₹380 po levels on NSE on Tuesday.
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Published: 09 Jan 2024, 09:33 IST