Asahi Songwon Color submits letter of offer for share buyback; stock spurts 4%

The buyback is submitted through the tender offer process at a price of Rs330 per equity share. The buyback offer size is ~Rs8cr excluding the transaction costs.

Dec 03, 2020 05:12 IST India Infoline News Service

Bull market presents uptrend stock market
Asahi Songwon Colors Limited has issued letter of offer for buyback up to 2.45 lakh fully paid equity shares of face value of Rs10 each, representing 2% of the issued, subscribed and paid up equity shares of the company from all eligible shareholders as on record date November 20, 2020 on a proportionate basis.

The company stock was bullish after the annoouncement on Thursday. At around 10.55 am, Asahi Songwon Colors Ltd was trading at Rs231.35  per piece up Rs9.10 or 4.09% on BSE.

The buyback by the company engaged in the business of manufacturing and export of color pigments, is submitted through the tender offer process at a price of Rs330 per equity share, payable in cash.

The Buyback Offer Size is Rs8.08cr excluding the transaction costs, which represents 3.86% and 3.86% of the aggregate of the company’s paid-up equity capital and free reserves as per the audited financials of the company as on March 31, 2020.

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