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MOIL shareholders approve buyback of over 3.38cr shares; Stock trades higher

The company has fixed December 31, 2021, as the record date for determining the entitlement and the names of the eligible shareholders.

December 22, 2021 11:12 IST | India Infoline News Service
The shareholders of MOIL Limited have approved the Buyback of over 3.38cr equity shares by special resolution through the postal ballot process, the company said in a filing on Tuesday.

“At the meeting of the board of directors of the Company held on November 10, 2021, subject to the approval of the shareholders of the Company, unanimously approved a proposal for the buy-back of not exceeding 3,38,42,668 equity shares of the face value of Rs10/- each representing 14.26% of the total number of equity shares in the paid-up share capital of the Company from the shareholders of the company.

The Board had sought approval of the shareholders of the Company for Buyback, by a Special Resolution, through notice of postal ballot dated November 20, 2021, the results of which were announced on December 21, 2021. The shareholders of the Company have approved the Buyback by special resolution through postal ballot process,” company said.

Buyback Committee of the Board of Directors of the company has fixed December 31, 2021, as record date for determining the entitlement and the names of the eligible shareholders/beneficial owners for the offer, company said in a filing.

At around 11.14 am, MOIL Ltd was trading at Rs178.90 per piece up by Rs2.9 or 1.65% from its previous closing of Rs176 per piece on the BSE.

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