VRL Logistics buyback of 87.5 lakh shares at Rs 320 approved by shareholders
VRLLOG · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
VRL Logistics shareholders have approved a buyback of 87,50,000 equity shares (5 percent of paid-up capital) at Rs 320 per share, totaling Rs 280 crore. The offer price is at a premium of about 33 percent over the 3-month average market price and 14 to 18 percent over the August 4 closing price. The buyback will be done through the tender offer route via stock exchanges. Promoters will not participate, which raises entitlement for other shareholders. 15 percent of shares are reserved for small shareholders.
Positive for shareholders; eligible holders can tender shares at Rs 320. EPS and ROE should improve post-buyback due to lower share count.