Weizmann board nods share buyback plan worth nearly Rs8.5cr; Stock plunges 5%

The buyback Size does not include transaction costs such as securities transaction tax, GST, stamp duty.

Oct 18, 2021 03:10 IST India Infoline News Service

Weizmann Limited has informed that the Board of Directors on October 16, 2021 has approved a proposal for buyback up to 14,12,515 equity shares of the Company for an aggregate amount not exceeding Rs8.4751cr, being 15% of the total paid-up equity share capital and free reserves and representing 8.18 % of the total paid-up equity share capital of the Company based on the audited standalone and consolidated financial statements of the Company as on March 31, 2021 respectively, at a price of Rs60/- per equity share.

Further, the Buyback is proposed to be made from the existing shareholders of the Company as on the record date on a proportionate basis under the tender offer route using the stock exchange mechanism in accordance with the provisions contained in the SEBI guidelines.

The buyback Size does not include transaction costs such as securities transaction tax, GST, stamp duty, filing fees, advisors' fees, brokerage, public announcement expenses, printing and dispatch expenses, applicable taxes and other incidental and related expenses, said company in a regulatory filing.

Members of the promoter and promoter group of the Company have indicated their intention to participate in the proposed Buyback, it added.

At around 3:16 PM, Weizmann was trading at Rs57.95 apiece down by Rs3.05 or 5% on Sensex.

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