Asahi Songwon's board approves Rs9.60 crore buyback plan; stock adds ~1%

23 May 2022 , 10:18 AM

In its filing with the exchanges, Asahi Songwon Limited has approved the buyback of 2,40,000 equity shares, which does not exceed 25% of the total equity shares of the company.

The aggregate maximum amount of the Buyback is Rs9.60 crore, which does not exceed 10% of the aggregate of the paid-up capital and free reserves as per the last audited financial statements (on both standalone and consolidated basis) of the Company as of March 31, 2022.

The equity shares will be bought back for Rs400 per equity share.

The number of shares mentioned is the maximum number of shares to be bought back under the board’s resolution.

The company shall not issue any Equity Shares or other specified securities including by way of bonus till the date on which the payment of consideration to shareholders who have accepted the buyback offer is made.

The buyback would be subject to the condition of maintaining minimum public shareholding requirements as specified in Regulation 38 of the SEBI Listing Regulations.

Asahi Songwon Colors is currently trading at Rs305 up by Rs2.4 or 0.79% from its previous closing of Rs302.60 on the BSE. The scrip opened at Rs313 and has touched intraday high and low of Rs313 and Rs304 respectively.