Weizmann Ltd board of directors approves share buyback

The board of directors of Weizmann Limited (“the company”), at its meeting held on October 16, 2021 at the registered office of the company, approved a proposal to buy back a maximum of 14 12 515 capital shares (fourteen Lakh twelve thousand five hundred Fifteen only) of the Company for a total amount not exceeding ₹ 847.51 / -in Lakhs (rupees eight hundred and forty seven lakhs fifty-one thousand only) (hereinafter referred to as “Redemption Size” ), i.e. 15% of the total paid-up share capital and free reserves and representing 8.18% of the total paid-up share capital of the Company on the basis of the audited and consolidated annual accounts of the Company at March 31, 2021 respectively, at the price of 60 / – (Sixty rupees only) per share (hereinafter the “Redemption Price”).

The Repurchase is offered to the existing shareholders of the Company on the registration date on a proportional basis within the framework of the public tender offer using the stock exchange mechanism in accordance with the provisions contained in the SEBI Regulation (Repurchase of securities), 2018 (“Buy-back Regulation”) and the Companies Act 2013 and the rules made thereunder (including any legislative amendment or re-enactment of the Companies Act 2013 or the Buy-back Regulation).

The redemption amount does not include transaction costs such as securities transaction tax, GST, stamp duties, application fees, advisor fees, brokerage fees, advertising costs charges, printing and shipping costs, applicable taxes and other incidental and related expenses.

The members of the promoter and group of promoters of the Company have indicated their intention to participate in the proposed Repurchase.

Weizmann Limited shares were last trading in the BSE at Rs. 61.00 from the previous close of Rs. 64.20. The total number of shares traded during the day was 14,684 in more than 149 trades.

The stock hit an intraday high of Rs. 65.00 and an intraday low of 61.00. The net turnover during the day was Rs. 913051.00.

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