BackMOIL fixes record date for share buyback. Details here
MOIL board had unanimously approved a proposal for the buyback of equity shares on November 10, 2021
PremiumShareholders of MOIL Ltd have approved the proposal to buyback over 3.38 crore equity shares. The board of directors of the company has fixed Friday, December 31, 2021, as record date for determining the entitlement and the names of the eligible shareholders/beneficial owners for the offer.
"...Committee constituted by the Board...conferred by this resolution consent of the members be and is hereby accorded for the buy-back by the company of its fully paid-up equity shares of face value of ₹10/- each not exceeding 3,38,42,668 equity share...at a price of ₹205 per equity share payable in cash for an aggregate consideration not exceeding ₹693,77,46,940 (Buy-back Offer Size)," MOIL said in an exchange filing.
The board of directors of the company on November 10, 2021 had unanimously approved a proposal for the buy-back of equity shares not exceeding 3,38,42,668 at face value of ₹10 each representing 14.26% of the total number of equity shares in the paid-up share capital of the company.
The proposal was subject to the approval of the shareholders. The shareholders of the company have approved the buyback by special resolution through postal ballot process on Monday.
MOIL, under the Ministry of Steel, is country's largest manganese ore mining company contributing about 40% to the total production of the miner in the country. Shares of MOIL have surged 20% this year (year-to-date or YTD) so far, whereas it is up 30% in a year's period.
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