Neelamalai Agro Industries Ltd will buyback nearly 25,350 shares for about Rs 4.05 Crores. In a filing to the stock exchanges, Neelamalai Agro Industries Ltd said it will buyback 4.04 percent of the fully paid-up equity shares at a price of Rs. 1500 per share.
The board of directors "approved the proposal to buyback of not exceeding 25,350 equity shares of face value of Rs 10 each of the company (representing 4.04 percent of the total number of fully paid-up equity shares in the paid-up share capital of the company) at a price of Rs 1500 per equity for an aggregate consideration not exceeding Rs 4.05 crore," it said.
Neelamalai Agro Industries Ltd Ltd BuyBack 2021 Offer Deal:
| Buyback Type: | Tender Offer |
| Buyback Record Date: | February 05 2021 |
| Buyback Offer Amount: | ₹ 4.05 Crore |
| Date of Board Meeting approving the proposal: | Jan 21 2021 |
| Date of Public Announcement: | Jan 23 2020 |
| Buyback Offer Size: | 4.04% |
| Buyback Number of shares: | 25,350 |
| Price Type: | Tender Offer |
| FV: | Rs. 10 |
| Buyback Price: | ₹ 1500 Per Equity Share |
Neelamalai Agro Industries Ltd buyback of 25,350 equity shares which is around 4.04% of all the existing number of equity shares at a price of ₹1500 per equity share. The buyback offer not exceeding of ₹ 4.05 crore of total buyback offer size.
Note: If anything you want to know about the buyback offer you can refer the Neelamalai Agro Industries Ltd buyback offer documents. Click Here
Neelamalai Agro Industries Ltd Buyback Important Dates
| Buyback Activity | Date |
|---|---|
| Board Meeting for Neelamalai Agro Industries Ltd Buyback proposal | 12.11.2020 |
| Neelamalai Agro Industries Ltd Buyback Approval date | 21.01.2021 |
| Public Announcement of Buyback | 23.01.2021 |
| Buyback Record Date | 05.02.2021 |
| Buyback opens on/Buyback Opening Date | 2021 |
| Buyback closes on/Buyback Closing Date | 2021 |
| Cut-off date to receive completed tender forms by Registrar | 02.2021 |
| Cut-off date for verification by the Registrar | 02.2021 |
| Cut-off date to inform Stock Exchange on acceptance or non-acceptance of tendered Equity Shares by Registrar | 02.2021 |
| Last date of settlement of bids on the stock exchange | 02.2021 |
| Last date to return unaccepted shares by Registrar | 02.2021 |
| Last date of extinguishment of Equity Shares | 02.2021 |
Necessity of Buyback by Neelamalai Agro Industries Ltd
Buy-back is the acquisition by a company of its own shares. Buy-back is an efficient form of returning surplus cash to the members holding equity shares of the Company, inter-alia, for the following reasons:
i. The Buy-back will help the Company to return surplus cash to its members holding equity shares broadly in proportion to their shareholding, thereby, enhancing the overall return to members;
ii. The Buy-back, which is being implemented through the Tender Offer route as prescribed under the Buy-back Regulations, would involve allocation of higher of number of shares as per their entitlement or 15% of the number of shares to be bought back, reserved for the small shareholders. The Company believes that this reservation of 15% for small shareholders would benefit a large number of public shareholders, who would get classified as "small shareholder;
iii. The Buy-back would help in improving return on equity, by reduction in the equity base, thereby leading to long term increase in shareholders' value; and
iv. The Buy-back gives an option to the members holding equity shares of the Company, who can choose to participate and get cash in lieu of Equity Shares to be accepted under the Buy-back offer or they may choose to not participate and enjoy a resultant increase in their percentage shareholding, post the Buy-back offer, without additional investment.
About Neelamalai Agro Industries Ltd Company
Neelamalai Agro Industries Ltd. was incorporated during the year 1946 with the main business being Tea, Trading and Exports. The main estates under the company are Katary Estate and Sutton Estate.
How to Participate in buyback?
3. Then on [Not Announced] the payment will be given to you for accepted shares and unaccepted shares will be returned to your demat account.
Neelamalai Agro Industries Ltd Buyback 2021 FAQs:
When is Neelamalai Agro Industries Ltd Ltd Buyback Record Date?
Neelamalai Agro Industries Ltd buyback 2021 record date is 05 February 2021
When is Neelamalai Agro Industries Ltd Buyback announcement Date?
Neelamalai Agro Industries Ltd buyback 2021 announcement date is 23 January 2021.
What is Neelamalai Agro Industries Ltd Buyback Price?
The company has fixed the price at ₹ 1500
How to apply for Neelamalai Agro Industries Ltd Buyback 2020?
As per the record date you need to have Neelamalai Agro Industries Ltd shares in your demat account. You can participate in buyback after having the stock in your account.
