MOIL will buyback nearly 33,804,878 shares for about Rs.693 Crore. In a filing to the stock exchanges, MOIL said it will buyback percent of the fully paid-up equity shares at a price of Rs.205/- per equity share.
The Board approved the proposal of MOIL buyback of fully paid-up equity shares of the face value of Rs.10 each of the Company for an amount not exceeding Rs.693 Crores. MOIL Buyback 2022 Size is being 14.23% of the aggregate of the total paid-up Equity Share capital and free reserves of the Company based on the latest standalone and consolidated audited financial statements of the Company respectively as of March 31, 2021. MOIL 2022 price is Rs.205 per Equity Share through the "tender offer" route, on a proportionate basis.
MOIL Buyback 2022 Offer Details:
| Buyback Type: | Tender Offer |
| Buyback Record Date: | Dec 31, 2021 |
| Buyback Opening Date: | Jan 28, 2022 |
| Buyback Closing Date: | Feb 10, 2022 |
| Buyback Offer Amount: | ₹693 Crore |
| Date of Board Meeting approving the proposal: | Nov 10, 2021 |
| Date of Public Announcement: | Nov 10, 2021 |
| Buyback Offer Size: | 14.23% |
| Buyback Number of shares: | 33,804,878 |
| Price Type: | Tender Route |
| FV: | Rs.1 |
| Maximum Buyback Price: | ₹ 205 Per Equity Share |
Details Of MOIL Buyback
The Board of Directors of the MOIL at its meeting held on Nov 10, 2021, has approved a proposal to buy back up to 33,804,878 Equity Shares of the Company, being 14.23% of the total paid-up equity share capital of the Company, for an aggregate amount not exceeding Rs.694 Cr. for Rs.205 per Equity Share through " Tender Route".
MOIL Buyback Important Dates
In this section, we have covered all important dates related to “MOIL Buyback Date”. Dates are updated as they are announced. The most noted dates are the MOIL record date and MOIL buyback open and close dates, which one should use to participate in the buyback.
| Buyback Activity | Date |
|---|---|
| Board Meeting for MOIL Buyback proposal | Nov 10, 2021 |
| MOIL Buyback Approval date | Nov 10, 2021 |
| Public Announcement of MOIL Buyback | Nov 10, 2021 |
| MOIL Buyback Record Date | Dec 31, 2021 |
| MOIL Buyback opens on/Buyback Opening Date | Jan 28, 2022 |
| MOIL Buyback closes on/Buyback Closing Date | Feb 10, 2022 |
| Cut-off date to receive completed tender forms by Registrar | Feb 12, 2022 |
| Cut-off date for verification by the Registrar | Feb 17, 2022 |
| Cut-off date to inform Stock Exchange on acceptance or non-acceptance of tendered Equity Shares by Registrar |
Feb 18, 2022 |
| Last date of settlement of bids on the stock exchange | Feb 21, 2022 |
| Last date to return unaccepted shares by Registrar | Feb 21, 2022 |
| Last date of extinguishment of Equity Shares | Feb 28, 2022 |
Note: If anything you want to know about the buyback offer you can refer the MOIL buyback offer documents. Click Here
How to Participate in MOIL buyback?
- Firstly to be eligible for the buyback the investor should have shares of MOIL Buyback 2022 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 MOIL Shares market price on NSE and BSE: MOIL
Profit from the buyback on the basis of acceptance Ratio:
Buy 975 Share at CMP of Rs.177 [2,00,000/205=975)| Acceptance Ratio | 33% | 50% | 75% | 100% |
|---|---|---|---|---|
| Amount Invested in Buyback | 1,72,682 | 1,72,682 | 1,72,682 | 1,72,682 |
| No. of Shares buyback | 321 | 487 | 731 | 975 |
| BuyBack Profit | 8988 | 13636 | 20468 | 27300 |
| Profit% | 6.29% | 7.89% | 11.8% | 15.8% |
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About MOIL:
MOIL is a Schedule “A” Miniratna Category-I Company. It was originally incorporated as Manganese Ore (India) Limited in the year 1962. Subsequently, the name of the Company was changed from Manganese Ore (India) Limited to MOIL Limited during the financial year 2010-11.
MOIL was originally set up in the year 1896 as Central Province Prospecting Syndicate which was later renamed as Central Provinces Manganese Ore Company Limited (CPMO), a British Company incorporated in the UK. In 1962, as a result of an agreement between the Government of India and CPMO, the assets of the latter were taken over by the Government and MOIL was formed with 51% capital held between the Govt. of India and the State Governments of Maharashtra and Madhya Pradesh and the balance 49% by CPMO. It was in 1977, the balance 49% shareholding was acquired from CPMO and MOIL became a 100% Government Company under the administrative control of the Ministry of Steel.
MOIL Ltd(BSE: 533286 | NSE: MOIL ) Board has approved a proposal for buyback of up to 87.66 lakh shares at Rs 240 per share, aggregating Rs 210.4 cr which is 3.29% of the total number of paid-up equity shares.
NECESSITY OF BUYBACK By MOIL
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
MOIL Bhawan, 1A, Katol Road,Nagpur - 440013,Nagpur - 440013, MaharashtraPhone: +91 712 2806208Email: compliance@moil.nic.inWebsite: https://www.moil.nic.in/
MOIL Buyback Registrar
1st Floor, Bharat Tin Works Building,Opp. Vasant Oasis,Makwana Road,Marol, Andheri(E), Mumbai - 400 059Phone: +91-22-6263 8200Email: moilbuyback@bigshareonline.comWebsite: http://www.bigshareonline.com
MOIL Buyback 2022 FAQs:
When is MOIL Record Date?
MOIL buyback 2022 record date is Dec 31, 2021.
What is the MOIL Buyback Opening Date?
MOIL buyback 2022 Opening date is Jan 28, 2022.
What is the MOIL Buyback Closing Date?
MOIL buyback 2022 Closing date is Feb 10, 2022.
When is MOIL Buyback Announcement Date?
MOIL buyback 2022 announcement Date is Nov 10, 2021.
What is MOIL Buyback Price?
The company has fixed the maximum price of ₹205.
How to apply for MOIL Buyback 2022?
As per the record date you need to have MOIL shares in your Demat account. You can participate in buyback after having the stock in your account.
