Gandhi Special Tubes Limited will buyback nearly 7,66,616 shares for about Rs.42.20 Crore. In a filing to the stock exchanges, Gandhi Special Tubes Limited said it will buyback percent of the fully paid-up equity shares at a price of Rs.550/- per equity share.
The board of directors of Gandhi Special Tubes Limited approved the proposal to buyback of not exceeding 7,66,616 Lakhs equity shares of the face value of Rs 5 each of the company (representing 5.96% percent of the total number of fully paid-up equity shares in the paid-up share capital of the company) at a price of Rs.550/- per equity for an aggregate consideration not exceeding Rs 42.20 crores," it said.
Gandhi Special Tubes Limited Buyback 2021 Offer Details:
| Buyback Type: | Tender Offer |
| Buyback Record Date: | Aug 31, 2021 |
| Buyback Opening Date: | Sep 21, 2021 |
| Buyback Closing Date: | Oct 04, 2021 |
| Buyback Offer Amount: | ₹42.20 Crore |
| Date of Board Meeting approving the proposal: | June 22, 2021 |
| Date of Public Announcement: | Aug 13, 2021 |
| Buyback Offer Size: | 5.96% |
| Buyback Number of shares: | 7,66,616 |
| Price Type: | Tender Route |
| FV: | Rs. 5 |
| Maximum Buyback Price: | ₹ 550 Per Equity Share |
Details Of Gandhi Special Tubes Limited Buyback
The Board of Directors of the Gandhi Special Tubes Limited at its meeting held on June 22, 2021, has approved a proposal to buy back up to 7,66,616 Equity Shares of the Company, being 24.96% of the total paid-up equity share capital of the Company, for an aggregate amount not exceeding Rs. 42.2 Cr, for Rs. 550 per Equity Share through " Tender Route".
Gandhi Special Tubes Limited Buyback Important Dates
In this section, we have covered all important dates related to “Gandhi Special Tubes Limited Buyback Date”. Dates are updated as they are announced. The most noted dates are Gandhi Special Tubes Limited record date and Gandhi Special Tubes Limited buyback open and close dates, which one should use to participate in the buyback.
| Buyback Activity | Date |
|---|---|
| Board Meeting for Gandhi Special Tubes Buyback proposal | June 22, 2021 |
| Gandhi Special Tubes Buyback Approval date | Aug 11, 2021 |
| Public Announcement of Gandhi Special Tubes Buyback | Aug 12, 2021 |
| Gandhi Special Tubes Buyback Record Date | Aug 31, 2021 |
| Gandhi Special Tubes Buyback opens on/Buyback Opening Date | Sep 21, 2021 |
| Gandhi Special Tubes Buyback closes on/Buyback Closing Date | Oct 04, 2021 |
| Cut-off date to receive completed tender forms by Registrar | Oct 06, 2021 |
| Cut-off date for verification by the Registrar | 2021 |
| Cut-off date to inform Stock Exchange on acceptance or non-acceptance of tendered Equity Shares by Registrar |
2021 |
| Last date of settlement of bids on the stock exchange | 2021 |
| Last date to return unaccepted shares by Registrar | 2021 |
| Last date of extinguishment of Equity Shares | 2021 |
Note: If anything you want to know about the buyback offer you can refer the Gandhi Special Tubes Limited buyback offer documents. Click Here
How to Participate in Gandhi Special Tubes Limited Limited buyback?
- Firstly to be eligible for the buyback the investor should have shares of Gandhi Special Tubes Limited Buyback 2021 in Demat or physical form as on record date [Not Announced].
- 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 Gandhi Special Tubes Limited Shares market price on NSE and BSE: Gandhi Special Tubes Limited
Read Also:
About Gandhi Special Tubes Limited:
Gandhi Special Tubes Ltd. delivers innovative and reliable tubular solutions to a diverse range of industries & niche markets in core sectors such as automotive, tractors, earthmovers, hydraulics, and general engineering. From its humble beginnings in India, Gandhi Special Tubes Ltd has expanded its presence across Asia, North America, and Europe as well.
With a reputation for integrity, innovation & quality, Gandhi remains the undisputed market leader in Cold Drawn Seamless Tubes in India. The Group continues to strive for excellence with its differentiated product mix, state-of-the-art German technology, excellence in execution, and focus on sustainability.
Built on world-class manufacturing and engineering infrastructure in India, Gandhi Special Tubes Ltd. is recognized globally as one of the most trusted names in the manufacturing of customized tubular solutions.
NECESSITY OF BUYBACK By Gandhi Special Tubes Limited
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
201-204, 2nd Floor,Plaza, 55, Hughes Road,Next to Dharam Palace,Website:- www.gandhispecialtubes.com
Gandhi Special Tubes Limited Buyback Registrar
Gandhi Special Tubes Limited Buyback 2021 FAQs:
When is Gandhi Special Tubes Limited Record Date?
Gandhi Special Tubes Limited buyback 2021 record date is 31-Aug-2021.
What is Gandhi Special Tubes Limited Buyback Opening Date?
Gandhi Special Tubes Limited buyback 2021 Opening date is 21-Sep-2021.
What is Gandhi Special Tubes Limited Buyback Closing Date?
Gandhi Special Tubes Limitedbuyback 2021 Closing date is 04-Oct-2021.
When is Gandhi Special Tubes Limited Buyback Announcement Date?
Gandhi Special Tubes Limited buyback 2021 announcement Date is 12-Aug-2021.
What is Gandhi Special Tubes Limited Buyback Price?
The company has fixed the maximum price of ₹550
How to apply for Gandhi Special Tubes Limited Buyback 2021?
As per the record date you need to have Gandhi Special Tubes Limited shares in your Demat account. You can participate in buyback after having the stock in your account.
