The Board of Directors of Sinclairs Hotels Limited, at their meeting held today has approved Buyback up to 7,00,000 (Seven Lakh) fully paid up equity shares of face value of Rs. 2/- each by the Company at a price of Rs. 143/- per equity share payable in cash. The Buyback will be on proportionate basis by through the Tender Offer process.
The total pay-out towards buyback would be Rs. 10,01,00,000 (excluding Company’s expenses for the Buyback like TDS, filing fees payable to SEBI, advisors/legal fees, public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses, transaction costs such as brokerage, securities transaction tax, goods and service tax (GST), stamp duty, etc.)
This Buyback represent 2.51% of the total number of equity shares of the company and 9.93% of the paid-up share capital and free reserves of the company as per the audited financial statements for the financial year ended on March 31, 2021.
The record date for determining the eligibility of shareholders holding the shares in their own name has been fixed as 13th May 2022.