The Board of Directors of SMC Global Securities Ltd at its meeting held on 07 May, 2022 at Kathmandu, Nepal has considered and approved the proposal for Buyback of its own fully paid equity shares of Rs. 2/- each (“Equity Shares”) from the equity shareholders of the Company through the Open Market Route.
The Company proposes to Buyback fully paid up equity shares of the Company having face value of Rs.2/- each (“Equity Share(s)”) from Open Market through stock exchanges (i.e. through National Stock Exchange of India Limited (“NSE”) and BSE Limited (“BSE”), (together “Stock Exchanges”) under the Buyback Regulations and the Act, up-to an amount not exceeding Rs.75,00,00,000 (Rupees Seventy Five Crore Only) (“Maximum Buyback Size”) excluding transaction costs viz. brokerage, advisor’s fees, intermediaries’ fees, public announcement publication fees, filing fees, turnover charges, applicable taxes such as tax on distributed income on Buyback, securities transaction tax, goods and services tax, income tax, stamp duty, other incidental and related expenses, etc. (“Transaction Costs”) at a price not exceeding Rs. 115/- (Rupees One Hundred Fifteen Only) per Equity Share (“Maximum Buyback Price”) payable in cash which represents 9.64% and 8.78% of the aggregate of the paid-up equity share capital and free reserves as per the audited standalone financial statements and audited consolidated financial statements for the financial year ended March 31, 2022, respectively from the equity shareholders / beneficial owners of the Equity Shares of the Company other than the Promoters, members of Promoter Group and persons in control of the Company.
At the Maximum Buy-back Size and the Maximum Buy-back Price, the indicative maximum number of Equity Shares to be bought back under the Buy-back would be 65,21,739 Equity Shares which represents 5.76% of the total number of Equity Shares of the Company.
The Board has approved the appointment of Corporate Professionals Capital Private Limited, a SEBI registered Category I Merchant Banker as the Manager to the Buyback Offer.