12 Jul 2022 , 10:46 AM
According to the regulatory filing, the Maximum Buyback Size represents 7.26% & 7.25% of the aggregate of the fully paid-up share capital and free reserves as per the Standalone and Consolidated Audited accounts of the Company for the financial year ended 31st March, 2022 respectively which is not more than 10% of the fully paid-up share capital and free reserves of the Company.
The Maximum Buyback Size does not include transaction costs, namely brokerage, 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.
Subject to the market price of the Equity Shares being equal to or less than the Maximum Buyback Price, the indicative maximum number of Equity Shares bought back would be 40,00,000 Equity Shares comprising approximately 3.64% of the total paid-up equity share capital of the Company as of July 11, 2022.
If the Equity Shares are bought back at a price lower than the Maximum Buyback Price, the number of equity shares bought back could exceed the Indicative Maximum Buyback Shares.
The Company shall utilize at least 50% of the amount embarked as the Maximum Buyback Size for the Buyback, i.e. Rs65 crore representing 3.63% & 3.62% of the aggregate of the fully paid-up share capital and free reserves as per the Standalone and Consolidated Audited accounts of the Company for the Financial year ended March 31, 2022 respectively. Based on Minimum Buyback Size and the Maximum Buyback Price, the Company would purchase a minimum of 20,00,000 Equity Shares.
The Board has constituted a Buyback Committee and has delegated its powers to the Buyback Committee to do or cause to be done all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient or proper in connection with the Buyback.
The public announcement setting out the process, timelines and statutory details of the Buyback will be released in due course, the company said on Monday.
On Tuesday at around 10:43 AM, Techno Electric & Engineering Company Ltd was trading at Rs297.20 per share lower by 6.17% on the BSE.
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