Metal stock fixes record date for ₹150 Cr share buyback at a premium of 13%
With a market valuation of ₹2,149.94 Cr, Technocraft Industries (India) Limited is a small-cap company that engages in the industrial industry. The firm successfully established a presence in the export markets of the Middle East, USA, and Europe by producing very precise and advanced drum closures. The company has also diversified into manufacturing cotton yarn. The company has announced ₹150 Crore share buyback, at an offer size of 15,00,000 shares and at a buyback price of INR 1,000 per share. For the purpose of the same, the Board of the company has announced record date to determine the eligibility of the shareholders. The buyback price, at the current market value, is 12.99% more than the stock’s Friday closing price on the NSE.
The company has said in a stock exchange filing that “In terms of Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015, as amended, and Regulation 9(i) of the SEBI Buyback Regulations, as amended, we wish to inform you that the Buyback Committee of the Company, being duly authorised by the board of directors of the Company in this regard, has vide its resolution dated December 19, 2022 considered and approved Friday, December 30, 2022 as the Record Date for the purpose of determining the entitlement and names of shareholders, who will be eligible to participate in the proposed Buyback.”
The company has said in a stock exchange filing that the Board of Directors has approved “buyback by the Company of its fully paid-up equity shares having a face value of Rs. 10/- (Rupees Ten Only) each (Equity Shares) not exceeding 15,00,000 (Fifteen Lakhs only) Equity Shares (representing 6.13% of the total number of Equity Shares in the total paid-up equity capital of the Company), at a price of Rs. 1,000/- (Rupees One Thousand only) per Equity Share payable in cash for an aggregate amount not exceeding Rs. 150,00,00,000/- (Rupees One Hundred Fifty Crores only).”
The shares of Technocraft Industries (India) closed on the NSE at ₹885.00 apiece on Friday, down by 2.65% from the previous close of ₹909.05. The stock recorded a total volume of 19,591 shares compared to the 20-Day average volume of 13,808 shares. The stock has climbed 12.49% over the last year, and so far in 2022, it has gained 9.84% YTD. The stock had touched a 52-week-high of ₹1,239.90 on (05-April-2022) and a 52-week-low of ₹701.05 on (14-October-2022).
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