The board of Cosmo Films on Monday approved buyback of shares worth ₹73 crore. The company will buyback 12.67 lakh shares, representing 6.52 per cent, of the total paid-up capital as on March 31, 2020, at ₹576 a share, Cosmo Films informed the exchanges.
The buyback would on a proportionate basis, from all the shareholders of the company who hold the shares as of the record date (November 9) through the tender offer. The board noted the intention of its promoters and promoter group to participate in the buyback. Shares of Cosmo Films on Monday closed 0.94 per cent higher at ₹471.65 on the BSE.
The company has fixed 9 November, 2020 as the Record Date for determining the entitlement and the names of the Eligible Shareholders / Beneficial Owners to whom the letter of offer will be sent and who will be eligible to participate in the Buyback.
The board has delegated the necessary authority to the Buyback Committee to do all such acts, deeds, matters and things as it may at its absolute discretion, deem necessary expedient, usual or proper in connection with the Buyback.
Shares of COSMO FILMS LTD. was last trading in BSE at Rs.467.25 as compared to the previous close of Rs. 456.15. The total number of shares traded during the day was 13528 in over 896 trades.
The stock hit an intraday high of Rs. 478.25 and intraday low of 455.05. The net turnover during the day was Rs. 6315639.