Techno Electric & Engineering Co. Limited has announced the buyback of 26,82,400 equity shares from the shareholders at a price of Rs 410 per equity share. The record date for this buyback offer is 3rd January 2019. Techno Electric & Engineering Buyback 2019 offer starts on 29th March 2019 and it closes on 11th April 2019. The board meeting of the company was held on 13th December 2018. in which this buyback was approved by the board of directors. The last date for the extinguishment of equity shares is scheduled as 30th April 2019.
Techno Electric & Engineering Co. Limited (TEECL) is engaged in the business of providing high-quality Engineering, Procurement, and Construction (EPC) services. It provides its services to generation, transmission and distribution sectors in both public and private domains. It is aggressively engaged in the creation of renewable energy in India. This company was engaged in setting up (in one capacity or other) over 50% of India’s thermal power generating capacity and a major portion of the national power grid. The Company is headquartered in Kolkata with marketing offices in three Indian states. The company has a workforce of 400 professionals.
Techno Electric & Engineering Buyback 2019 – Offer Details
| Offer Type | Buyback of Fully Paid-up Equity Shares |
|---|---|
| Record Date | 3rd January 2019 |
| Buyback Starts | 29th March 2019 |
| Buyback Ends | 11th April 2019 |
| Number of Shares | 26,82,400 Equity Shares |
| Face Value | Rs 2/- |
| Buyback Price | Rs 410 Per Equity Share |
| Maximum Buyback Size | 109.97 Crore |
| last Date for the Extinguishment of Equity Shares | 30th April 2019 |
Techno Electric & Engineering Buyback 2019 – Necessity of the Buyback
According to the company, the following are the key objectives of this buyback:-
- To distribute surplus cash to the shareholders in order to enhance the overall return to shareholders.
- To benefit the small shareholders through a reservation of up to 15% for them in this buyback.
- It will improve the financial ratios such as earning per share and return on equity.
- It gives the options to the shareholders that either participate in the buyback offer and get cash in lieu of shares or do not participate in the buyback offer and avail the increased rates of shares.
- The Buyback will help in optimizing the capital structure of the company.
Techno Electric & Engineering Buyback 2019 – Shareholding Pattern of the Company
Techno Electric and Engineering Buyback 2019 – Financials of the Company
TEECL Buyback 2019 – Manager of the Buyback
The manager to the buy-back offer of TEECL is Narnolia Financial Advisors Limited.
TEECL Buyback 2019 – Registrar of the Buyback
The registrar to the buy-back offer of TEECL is Niche Technologies Private Limited.
Techno Electric & Engineering Buyback 2019 – How to Participate
- You must have the equity shares of TEECL bought before the record date, either in demat or in physical form.
- Follow the instructions given in the letter of offer.
- Participate in the offer through your stockbroker of which you are having the demat account.
- Wait till the last date of extinguishment.
- Either 100% of your participated shares will be bought by the company or it may be fractional.
- For bought shares, you will receive the cash in your demat and if some shares are not bought, you will get the remaining shares in your demat account.
Techno Electric & Engineering Buyback 2019 – Letter of Offer
Click here to read the letter of offer for this buy-back by Techno Electric & Engineering Limited.
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Tags: Techno Electric & Engineering Limited, Buyback 2019
