Industrial And Prudential Investment Company approved in its Board meeting held on November 12, 2020 has approved a proposal to buyback up to 69,500 (Sixty Nine Thousand Five Hundred) fully paid up Equity Shares of Rs.10 /- (Rupees Ten only) of the Company for an aggregate amount not exceeding Rs.8,34,00,000/- (Rupees Eight Crores Thirty four Lakhs only) at a price of Rs.1200/-. Industrial And Prudential Investment Buyback corresponds to 3.98% of the total paid-up equity share capital of the company and is on a proportionate basis through the tender route.
The board of directors of Industrial and Prudential Investment Company Limited (the board of directors of the Company hereinafter referred to as the “Board”, which expression shall include any committee constituted and authorized by the Board to exercise its powers), at their meeting held on November 12, 2020 (the “Board Meeting”) has, subject to the approval of the shareholders of the Company by way of a special resolution through a postal ballot / e-voting, pursuant to the provisions of Article 56 of the Articles of Association of the Company, Sections 68,69,70,110 and all other applicable provisions, if any, of the Companies Act, 2013, as amended (the “Companies Act”), the Companies (Share Capital and Debentures) Rules, 2014 (“Share Capital Rules”), the Companies (Management and Administration)Rules, 2014 (“Management Rules”) to the extent applicable, and in compliance with Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), the Buyback Regulations and subject to such approvals of statutory, regulatory or governmental authorities as may be required under applicable laws, approved by the Company, the Buyback of up to 69,500 (Sixty Nine Thousand Five Hundred) fully paid up Equity Shares of `10 /- (Rupees Ten only) representing up to 3.98 % of the total issued and paid-up Equity Share capital of the Company at a price of `1200/- (Rupees One Thousand and Two Hundred only ) per Equity Share (the “Buyback Price”) payable in cash for an aggregate consideration of up to `8,34,00,000/- (Rupees Eight Crores Thirty four Lakhs only) (“Buyback Size”), which is up to 24.99 % and up to 4.97% of the aggregate fully paid-up Equity Share capital and free reserves as per the latest available audited standalone and consolidated financial statements for the financial year ended March 31, 2020 respectively (the “Audited Financial Statements”), which is within the statutory limit of 25% of the fully paid-up Equity Share capital and free reserves as per the Audited Financial Statements, out of the free reserves of the Company and/or such other permitted source by the Buyback Regulations or the Companies Act, on a proportionate basis through the “tender offer” route as prescribed under the Buyback Regulations,.
Industrial And Prudential Investment Company Buyback 2020 Offer Details:
|Buyback Record Date:
||January 01 2021
|Buyback Offer Amount:
||₹ 8.34 Crore
|Date of Board Meeting approving the proposal:
||Nov 12 2020
|Date of Public Announcement:
||Dec 22 2020
|Buyback Offer Size:
|Buyback Number of shares:
||₹ 1200 Per Equity Share
Industrial And Prudential Investment Company buyback of 69,500 crore equity shares which is around 3.98% of all the existing number of equity shares at a price of ₹1200 per equity share. The buyback offer not exceeding of ₹8.34 crore of total buyback offer size.
Industrial And Prudential Investment Company Buyback Important Dates
|Board Meeting for Buyback proposal
|Buyback Approval date
|Public Announcement of Buyback
|Buy back Record Date
|Buyback opens on/Buyback Opening Date
|Buyback closes on/Buyback Closing Date
|Cut-off date to receive completed tender forms by Registrar
|Cut-off date for verification by the Registrar
|Cut-off date to inform Stock Exchange on acceptance or
non-acceptance of tendered Equity Shares by Registrar
|Last date of settlement of bids on the stock exchange
|Last date to return unaccepted shares by Registrar
|Last date of extinguishment of Equity Shares
Note: If anything you want to know about the buyback offer you can refer the Industrial And Prudential Investment Company buyback offer documents. Click Here
How to Participate in Industrial And Prudential Investment Company buyback?
1. Firstly, to be eligible for the buyback the investor should have shares of Industrial And Prudential Investment Company in demat or physical form as on record date (not announced)
2. 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.
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.
About Industrial And Prudential Investment Company :
The Industrial and Prudential Investment Company Limited is a Non-Banking Financial Company (NBFC) engaged in dealing in investments and securities. The Company is engaged in acquisition of securities. The Company operates through Investment Activity segment. The Company’s subsidiary is New Holding And Trading Company Limited. The Company operates in India
NECESSITY OF BUYBACK By Industrial And Prudential Investment Company
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 reduction in the equity base, thereby leading to 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 lieu 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 in accordance with 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
8/1/B Diamond Harbour Road,
Registrar Contact Information
C-101, 1st Floor, 247 Park,
Lal Bhadur Shastri Marg, Vikhroli (West), Mumbai 400 083
Tel:+91 022 49186200
Contact Person: Mr. Sumeet Deshpande
Industrial And Prudential Investment Company Buyback 2020 FAQs:
When is Industrial And Prudential Investment Company Buyback Record Date?
Industrial And Prudential Investment Company buyback 2020 record date is 01 January 2021
When is Industrial And Prudential Investment Company Buyback announcement Date?
Industrial And Prudential Investment Company buyback 2020 announcement Date is 21 December 2020.
What is Industrial And Prudential Investment Company Buyback Price?
The company has fixed the price at ₹1200
How to apply for Industrial And Prudential Investment Company Buyback 2020?
As per the record date you need to have Industrial And Prudential Investment Company shares in your demat account. You can participate in buyback after having the stock in your account.