The company manufactures plastic-extrusion machinery in Gujarat with a marketcap of ₹ 1,024 Cr announced a buyback the company’s shares have been on a strong upward trend in recent months.
Rajoo Engineers Limited has approved a share buyback plan. The company’s board of directors approved the buyback on November 29, 2023.
The buyback will be for up to 9,42,300 (Nine Lakh Forty Two Thousand Three Hundred Only) fully paid-up equity shares of the face value of Rs. 1/- each (representing 1.53 % of the total number of equity shares in the paid-up equity capital of the Company as on March 31, 2023).
At a price of Rs. 210/- (Rupees Two Hundred and Ten only) per equity share payable in cash for an aggregate consideration not exceeding Rs.19,78,83,000/- (Rupees Nineteen Crore Seventy Eight Lakhs Eighty Three Thousand only).
The Board has constituted a committee called ‘Buyback Committee’ and delegated its powers to do such acts, deeds, matters, and things as it may, in its absolute discretion, deem necessary, expedient, usual or proper in relation to the proposed Buyback. The Board has appointed Mr. Rohit Sojitra, Company Secretary as the compliance officer for the purposes of the proposed Buyback as per Buyback Regulations.
The Board of Directors has appointed GYR Capital Advisors Private Limited, SEBI Registered Category – I Merchant Banker as the Manager to the Buyback Offer.