CARE Ratings gets shareholders' nod for buyback worth Rs121.95 crore

5 Sep 2022 , 02:40 PM

CARE Ratings Limited informed that the members have approved the buyback by passing a Special Resolution through a postal ballot.

The shareholders approved a buyback of up to 23,68,000 fully paid-up equity shares of the face value of Rs10 each, representing 7.99% of the total issued and paid-up equity share capital of the Company.

The buyback price has been fixed at Rs515 per share payable in cash.

As per the filing, the aggregate amount of buyback stands at Rs121.95 crore (excluding any expense incurred).

The maximum buyback size is 19.30% and 19.39% of the fully paid-up equity share capital and free reserves (including securities premium) as per the audited standalone and consolidated financial statements of the company for the year ended March 31, 2022, respectively.

The buyback is to be sourced out of free reserves and securities premium of the company or such other source as permitted.

At around 2.43 PM, CARE Ratings was trading at Rs507.95, down by 0.079% against previous close of Rs508.35 on NSE. So far, it touched intraday high and low of Rs519.30 and Rs499.20 respectively. 

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