Board of this multibagger stock approves buyback proposal: Details inside
- Suraj Ltd is a small cap company in the capital goods industry with a market valuation of ₹140.53 crore.
Suraj Ltd is a small cap company in the capital goods industry with a market valuation of ₹140.53 crore. For a variety of industrial needs, the company manufactures seamless stainless steel pipes, tubes, and "U" tubes. Tubing for heat exchangers, LP/HP heaters, condensers, heating elements, and fully annealed, pickled, tubes with 30-meter-long tubes are Suraj Limited's areas of expertise. The proposal for share buyback has been approved by the company's board of directors.
The company has said in a regulatory filing that “In terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”), we wish to inform you that the Board of Directors of the Company, at its meeting held today (i.e., Monday, August 08, 2022), and said meeting commenced at 10.30 a.m. in which the Board has inter-alia: Approved the proposal to buyback of upto 9,00,000 (Nine Lakh) fully paid-up Equity Shares of the Company, each having a face value of ₹10/- (“Equity Shares”), representing 4.67% aggregate of the total paid-up Equity Share capital and free reserves as per the latest audited financial statements of the Company as at March 31, 2022 of the Company, at a price of ₹77/- (Rupees Seventy Seven Only) per Equity Share (“BuybackPrice”) payable in cash for an aggregate amount not exceeding ₹6,93,00,000/- (Rupees Six Crore Ninety Three Lakh Only) (“Buyback Size”) being 7.80% of the aggregate of the fully paid-up equity share capital and free reserves as per the latest audited financial statements of the Company as at March 31, 2022. The Buyback Size does not include transaction costs viz. brokerage costs, fees, turnover charges, applicable taxes such as buyback tax, securities transaction tax, goods and services tax, stamp duty, etc., expenses incurred or to be incurred for the buyback like filing fees payable to the Securities and Exchange Board of India (“SEBI’), advisors/ legal fees, public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses, etc.”
“In compliance with Regulation 42 of the Listing Regulations and Regulation 9(i) of the Buyback Regulations, fixed Saturday, August 20, 2022 as the date of closure of its transfer book for the purposes of determining the entitlement and the names of Equity Shareholders who would be eligible to participate in the buyback,” the Board of Directors of the company further added.
Today's closing price for Suraj Ltd shares was ₹73.50 per share, a gain of 5.00% from the previous close. The stock price soared from ₹0.80 on January 31, 2003, to the current market price, representing a multibagger gain and an all-time high of 9,087.50%. The stock has produced a multibagger return of 104.74 per cent over the past 5 years, and in the last 1 year, it has gained by 15.38 per cent. The stock has dropped 8.24 per cent YTD so far in 2022.
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