The board approved the repurchase of shares on the open market at a meeting on Tuesday.
In a presentation at the Bombay Stock Exchangethe company reported that its board had approved spending Rs 120 crore to buy back shares of shareholders except promoterpromoter group and people who exercise control of the company.
The board of directors approved the repurchase by the “Sociedad de sus equity shares with a nominal value of INR 10/- (only ten Indian rupees) each (“Equity Shares”) at a price not exceeding INR 1,700”.
At the maximum repurchase price (Rs 1,700) and maximum repurchase size (Rs 120 million), the indicative maximum number of repurchased equity shares would be 705,882, 1.12% of the total number of paid-up equity shares of the company.
“The Repurchase shall not exceed the Maximum Repurchase Size, which represents 9.95% and 7.31% of the Company’s total paid-up capital stock and free reserves based on the latest audited independent and consolidated financial statements. of the Company as March 31, 2022, respectively,” Route Mobile said in the filing.
Shares of Route Mobile fell 2.62% on Tuesday to end trading for the day at Rs 1,328.70.
He added that the company would use at least 50% of the maximum repurchase size of Rs 60 crore (minimum repurchase size) for the repurchase and accordingly will purchase an indicative minimum number of 352,942 shares of equity.
The board also approved the formation of a buyback committee and delegated its powers to perform “all acts, deeds, matters and things which, in its absolute discretion, it deems necessary, convenient, customary or proper in connection with the buyback.”
In addition, the board approved the appointment of Rathindra Das, Group Chief Legal Officer, Company Secretary and Compliance Officer for the buyback. Bulls Trade