VRL Logistics' ₹280 crore buyback at ₹320 a share gets shareholder approval

The postal ballot result for VRL Logistics' buyback of up to 87.5 lakh shares at ₹320 each was certified to the exchanges. The company's board approved the plan on 4 August.

Price, Thursday's close₹284.10▼ 0.35%

Last 5 days

52-week low ₹225.0052-week high ₹310.20

Sector: Logistics

What happened

VRL Logistics told the exchanges that shareholders approved the buyback by special resolution through a postal ballot, which closed on 3 October, according to Kotak Neo.
The company will buy back up to 87.5 lakh fully paid-up shares, 5% of its paid-up equity, at ₹320 a share, for up to ₹280 crore. It will use the tender offer route, on a proportionate basis.
At least 15% of the shares are reserved for small shareholders. Promoters and the promoter group said they do not intend to take part.
Kotak Neo said the record date had not yet been fixed.
The shares closed at ₹284.10, down 0.35%.

Why it matters

Good to know: In a tender offer buyback, shareholders on the record date can offer their shares. If more are offered than the company wants, it accepts them in proportion.

Key facts

Buyback price: ₹320 a share
Shares: Up to 87.5 lakh (5% of paid-up equity)
Size: Up to ₹280 crore
Route: Tender offer

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