Monte Carlo Fashions Limited has announced the buyback of equity shares from the shareholders at a price of Rs 550 per equity share. The record date for this buyback offer is 22nd February 2019. This offer starts on 19th March 2019 and it ends on 2nd April 2019. The board meeting of the company was held on 30th November 2018 in which this buyback was approved by the board of directors. The last date for the extinguishment of equity shares is scheduled as 16th April 2019. This article provides information about Monte Carlo Buyback 2019.
Monte Carlo Fashions Limited is a clothing company in India which works as an apparel retailer. It was established in the year 1984 by Oswal Woolen Mills Limited. It is a leading manufacturer of woollen and cotton garments for men, women and kids. This company is owned by the Ludhiana, Punjab based Nahar Group. The IPO of Monte Carlo Fashions Limited was launched in the year 2014.
Monte Carlo Buyback 2019 – Offer Details
| Offer Type | Buyback of Fully Paid-up Equity Shares |
|---|---|
| Record Date | 22nd February 2019 |
| Buyback Starts | 19th March 2019 |
| Buyback Ends | 2nd April 2019 |
| Number of Shares | 10,00,000 |
| Face Value | Rs 10 |
| Buyback Price | Rs 550 Per Equity Share |
| Maximum Buyback Size | Rs 55 Crore |
| Broker of the Company | Emkay Global Financial Services Limited |
| Designated Stock Exchange | BSE |
| last Date for the Extinguishment of Equity Shares | 16th April 2019 |
Monte Carlo 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.
- The buy-back may help in improving the return on equity due to a reduction in the equity base. Hence it will help to lead to a long-term increase in shareholders value.
- 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.
Monte Carlo Fashions Buyback 2019 – Shareholding Pattern of the Company
Monte Carlo Fashions Buyback 2019 – Financial Summary of the Company
Monte Carlo Buyback 2019 – Manager of the Buyback
The manager to the buy-back offer of Monte Carlo Fashions Limited is Emkay Global Financial Services Limited.
Monte Carlo Fashions Buyback – Registrar of the Buyback
The registrar to the buy-back offer of Monte Carlo Fashions Limited is Link Intime India Private Limited.
Monte Carlo Fashions Buyback – How to Participate
- You must have the equity shares of Monte Carlo Fashions Limited 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.
Monte Carlo Fashions Buyback 2019 – Letter of Offer
Click here to read the letter of offer for this buy-back by Monte Carlo Fashions Limited.
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Tags: Monte Carlo Fashions Limited, Buyback 2019
