Mahalaxmi Rubtech will buyback nearly 27,00,000 shares for about Rs.18.90 Crore. In a filing to the stock exchanges, Mahalaxmi Rubtech Ltd said it will buyback percent of the fully paid-up equity shares at a price of Rs.70/- per equity share.
Mahalaxmi Rubtech offers to Buyback up to a maximum of 27,00,000 fully paid-up Equity Shares of face value ₹10/- each, at a price of ₹70/- (Rupees Seventy only) per share for an aggregate maximum amount of up to ₹ 18,90,00,000 (Rupees Eighteen Crores Ninety Lacs only) which represents 20.10% and 20.15%of the fully paid-up Equity Share capital and free reserves as per the latest available audited financial statements of the Company for the financial year ended March 31, 2021, on standalone and consolidated basis, respectively through the Tender Offer process. The Equity Shares proposed to be bought back constitute 20.27% of issued, subscribed, and paid-up Equity Capital of the Company. The Letter of Offer will be sent to the Equity Shareholder(s) / Beneficial Owner(s) of Equity Shares of the Company as on the Record Date of August 27, 2021.
Mahalaxmi Rubtech Buyback 2021 Offer Details:
| Buyback Type: | Tender Offer |
| Buyback Record Date: | Aug 27, 2021 |
| Buyback Opening Date: | Sep 29, 2021 |
| Buyback Closing Date: | Oct 12, 2021 |
| Buyback Offer Amount: | ₹ 18.90 Crore |
| Date of Board Meeting approving the proposal: | Jul 09, 2021 |
| Date of Public Announcement: | Aug 17, 2021 |
| Buyback Offer Size: | 20.27% |
| Buyback Number of shares: | 27,00,000 |
| Price Type: | Tender Route |
| FV: | Rs.10 |
| Maximum Buyback Price: | ₹ 70 Per Equity Share |
Details Of Mahalaxmi Rubtech Buyback
The Board of Directors of the Mahalaxmi Rubtech at its meeting held on July 09, 2021, has approved a proposal to buy back up to 27,00,000 Equity Shares of the Company, being 20.27% of the total paid-up equity share capital of the Company, for an aggregate amount not exceeding Rs. 18.90 Cr, for Rs. 700 per Equity Share through " Tender Route".
Mahalaxmi Rubtech Buyback Important Dates
In this section, we have covered all important dates related to “Mahalaxmi Rubtech Buyback Date”. Dates are updated as they are announced. The most noted dates are the Mahalaxmi Rubtech record date and Mahalaxmi Rubtech buyback open and close dates, which one should use to participate in the buyback.
| Buyback Activity | Date |
|---|---|
| Board Meeting for Mahalaxmi Rubtech Buyback proposal | July 09, 2021 |
| Mahalaxmi Rubtech Buyback Approval date | Aug 16, 2021 |
| Public Announcement of Mahalaxmi Rubtech Buyback | Aug 17, 2021 |
| Mahalaxmi Rubtech Buyback Record Date | Aug 27, 2021 |
| Mahalaxmi Rubtecht Buyback opens on/Buyback Opening Date | Sep 29, 2021 |
| Mahalaxmi Rubtech Buyback closes on/Buyback Closing Date | Oct 12, 2021 |
| Cut-off date to receive completed tender forms by Registrar | Oct 12, 2021 |
| Cut-off date for verification by the Registrar | Oct 21, 2021 |
| Cut-off date to inform Stock Exchange on acceptance or non-acceptance of tendered Equity Shares by Registrar |
Oct 22, 2021 |
| Last date of settlement of bids on the stock exchange | Oct 25, 2021 |
| Last date to return unaccepted shares by Registrar | Oct 25, 2021 |
| Last date of extinguishment of Equity Shares | Nov 01, 2021 |
Note: If anything you want to know about the buyback offer you can refer the Mahalaxmi Rubtech buyback offer documents. Click Here
How to Participate in Mahalaxmi Rubtech buyback?
- Firstly to be eligible for the buyback the investor should have shares of Mahalaxmi Rubtech Buyback 2021 in Demat or physical form as on record date 27-Aug-2021.
- Once you have shares in Demat, you can participate in the buyback process which is opening from [Not Announced] by selling your shares through your broker on NSE or BSE.
- Then on [Not Announced], the payment will be given to you for accepted shares and unaccepted shares will be returned to your Demat account.
Checkout Current eClerx Services Shares market price on NSE and BSE: eClerx Services
Profit from the buyback on the basis of acceptance Ratio:
Buy 1333 Shares at CMP of Rs. 116 [2,00,000/150=1333)| Acceptance Ratio | 33% | 50% | 75% | 100% |
| Amount Invested in Buyback | 1,54,628 | 1,54,628 | 1,54,628 | 1,54,628 |
| No. of Shares buyback | 439 | 666 | 999 | 1333 |
| BuyBack Profit | 14926 | 22644 | 33966 | 45322 |
| Profit | 9.6% | 14.6% | 21.96% | 29.3% |
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About Mahalaxmi Rubtech Services:
Mahalaxmi RubTech (MRT) is a part of the Mahalaxmi Group of Industries, a corporate conglomerate active in the manufacture & export of Textiles, Dyes, Pigments, Auxiliaries, and Synthetic Rubber / PU-Coated Fabrics.
The Mahalaxmi Group has founded its business on a corporate philosophy of blending conventional and modern technologies, to produce ideal manufacturing solutions. And its industrial vision is truly transnational – in technology, perspectives, networking, and service ideas.
Mahalaxmi Rubtech Limited is headquartered in Ahmedabad, India. It has the technological expertise and the manufacturing capacity to produce blankets of lengths up to 426 feet, and widths up to 3,700 mm.
NECESSITY OF BUYBACK By Mahalaxmi Rubtech
2.1 The Buyback is being proposed by the Company to service the equity more efficiently. Additionally, the Company’s management strives to increase equity shareholders value and the Buyback would result in amongst other things
a) The Buyback is being done to return surplus funds, after taking into account the strategic and operational cash needs of the Company in the short to medium term
b) The Buyback may help in improving earnings per share, return on equity, by a reduction in the equity base, thereby leading to a long term increase in shareholders’ value;
c) The Buyback gives an option to the equity shareholders, who can either
(i) choose to participate and get cash in place of Equity Shares to be accepted under the Buyback; or
(ii) choose to not participate and enjoy a resultant increase in their percentage shareholding, post the Buyback, without additional investment;
d) The Buyback, which is being implemented through the Tender Offer as prescribed under the Buyback Regulations, shall be from its existing securities holders on a proportionate basis per the provisions of Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018: provided that fifteen percent of the number of securities which the Company proposes to Buyback or number of securities entitled as per their shareholding, whichever is higher, shall be reserved for small shareholders.
Company Contact Information
YSL Avenue, Opp Ketav Petrol Pump,Polytechnic Road,Ahmedabad-380015IndiaPhone : +91-79-40008000Fax No: +91-79-40008030Email: mrt@mrtglobal.comWebsite: www.mrtglobal.com
Mahalaxmi Rubtech Buyback Registrar
“Subramanian Building”, No.1,Club House Road, Chennai – 600 002,Tamilnadu, IndiaTel: +91 44 4002 0700 / 40020741 / 40020706;Fax: +91 44 2846 0129Email: priya@cameoindia.comWebsite: www.cameoindia.comSEBI Registration: INR000003753Contact Person: Ms. Sreepriya. K
Mahalaxmi Rubtech Buyback 2021 FAQs:
When is Mahalaxmi Rubtech Record Date?
Mahalaxmi Rubtech buyback 2021 record date is 27 August 2021.
What is the Mahalaxmi Rubtech Buyback Opening Date?
Mahalaxmi Rubtech buyback 2021 Opening date is September 29, 2021.
What is the Mahalaxmi Rubtech Buyback Closing Date?
Mahalaxmi Rubtech buyback 2021 Closing date is October 12, 2021.
When is Mahalaxmi Rubtech Buyback Announcement Date?
Mahalaxmi Rubtech buyback 2021 announcement Date is 17-Aug-2021.
What is Mahalaxmi Rubtech Buyback Price?
The company has fixed the maximum price of ₹70
How to apply for Mahalaxmi Rubtech Buyback 2021?
As per the record date you need to have Mahalaxmi Rubtech shares in your Demat account. You can participate in buyback after having the stock in your account.
