Successful completion of Buy-Back of Shares
On February 29th 2016, Board of directors of Smartlink had approved a buyback of 74.55 lac shares from all the existing shareholders/beneficial owners at a maximum price of Rs 110 implying a total buy-back amount of Rs 82 Cr.
For these, Company had received offer of 96.80 lacs shares which is approximately 1.3x times the maximum number of shares proposed to be bought.
62% of the 96.8 lac shares for buyback were tendered by the promoter group. This was expected as they already held 74.5%, close to the maximum allowed by SEBI, so they had to participate in full in order to maintain their holding below 75%. Eventually 59.57 lac shares held by promoters and 14.97 lakh shares by minority shareholders were bought back by the company.
The settlement of 7,454,850 equity shares was completed by the Clearing Corporation/NSE on June 27, 2016 & the extinguishment of these shares accepted under the Buyback is expected to have been completed by July 4, 2016
Post buyback, Shareholding of promoter and public are:
| Particulars | Pre Buyback | Post Buyback |
|---|---|---|
| Promoter Shareholding | 74.49% | 72.7% |
| Public Shareholding | 25.51% | 27.3% |
