The Board of Directors of VLS Finance Ltd has approved a buyback of Equity Shares at a maximum price of ₹ 200 per share in cash, up to an aggregate amount not exceeding ₹ 70,00,00,000. The buyback will be conducted in accordance with the provisions of the Companies Act, 2013 and the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, and will be open to all existing shareholders (excluding the company’s promoters and promoter group) through the stock exchange(s). The buyback size will be at least ₹ 35,00,00,000, or 50% of the maximum buyback size, and will not exceed 10% of the company’s total paid-up equity share capital and free reserves as of March 31, 2022.
The maximum price for the buyback does not include transaction costs such as brokerage fees, Securities and Exchange Board of India turnover charges, taxes, advisory fees, brokerage, relevant stamp duty, GST, public announcement costs, publication charges, SEBI and stock exchange fees. The actual number of Equity Shares to be bought back will be determined based on the price paid for the Equity Shares, not including transaction costs. The total cost of the buyback, not including transaction costs, will not exceed the maximum buyback size.
The maximum price for the buyback, ₹ 200 per Equity Share payable in cash, represents a premium of approximately 25.98% and 26.38% over the closing price of the Equity Shares on the BSE Limited and National Stock Exchange of India Limited, respectively, on January 4, 2023, which was the last trading day before the meeting of the Board of Directors.
The Board also stated that the promoters and promoter group will not participate in the proposed buyback offer. Mr. Mahesh Prasad Mehrotra and Ms. Divya Mehrotra, both members of the promoter group, did not participate in the discussions or voting on the proposed buyback as directors of the company. Shri Vikas Mehrotra was not present at the meeting.
The company’s shares were last traded on the BSE at ₹ 160.45, compared to the previous close of ₹ 158.75. A total of 12,993 shares were traded during the day in over 434 trades.
During the trading day, the stock reached an intraday high of ₹ 163.45 and an intraday low of ₹ 158.30. The net turnover for the day was ₹ 20,89,915.00.
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