Neelamalai Agro Buyback is opening for subscription on 24 February 2021. the company aims for an issue size of ₹4.06 Crores through this buyback Issue.
Neelamalai Agro Industries Limited
The Neelamalai Tea & Coffee Estates and Industries Limited, a part of the AVT group, was incorporated in 1943. Its name was changed to Neelamalai Agro Industries Limited in 1986. The company is mainly engaged in Tea plantation, cultivation, Tea manufacturing, sales, and export of Tea.
The company has two estates- Katary & Sutton Estates, located in the Nilgiris District in Tamil Nadu, spread across 635.56 Hectares. The factory follows good manufacturing practices and HACCP systems and produces Orthodox and CTC teas. However, currently, the factory manufactures only 100% Orthodox tea.
Objectives of the Issue
- Return part of surplus cash, back to shareholders.
- Enhance return on invested capital.
- Improve key financial ratios.
- Improve earnings per share.
- Reduce outstanding shares.
Neelamalai Agro Buyback Issue Timetable
| Offer Opens On | Feb 24, 2021 |
| Offer Closes On | Mar 9, 2021 |
| Record Date | Feb 5, 2021 |
| Last Date for receipt of Tender Forms | Mar 9, 2021 |
| Finalization of Buyback Acceptance | Mar 18, 2021 |
| Last Date for settlement of bids | Mar 19, 2021 |
| Last Date for Extinguishment of Shares | Mar 26, 2021 |
Neelamalai Agro Buyback Detail
| Security Name | Neelamalai Agro Industries Limited |
| Issue Type | Tender Offer |
| Issue Size (Shares) | 0.00 Crores |
| Issue Size (Amount) | ₹4.06 Crores |
| Buyback Price | ₹1600 per share |
| Face Value | ₹10 per share |
| Listing At | BSE |
Buyback Ratio
| Category | Entitlement Ratio of Buyback |
|---|---|
| Reserved Category for Small Shareholders | 1 Equity Shares out of every 8 Equity Shares held on the Record Date. |
| General Category for all other Eligible Shareholders | 1 Equity Shares out of every 8 Equity Shares held on the Record Date. |
Neelamalai Agro Buyback Registrar
Cameo Corporate Services Ltd.,
Subramanian Building # 1, Club House Road,
Chennai 600 002 – India
Phone: +91-44-28460390
Email: investor@cameoindia.com
Website: https://online.cameoindia.com/
Company Contact Information
Neelamalai Agro Industries Limited
Katary Estate, Katary P.O.,
Coonoor, The Nilgiris, Nilgiri
Phone: +91 423-2284235
Email: narasimhan.l@avtplantations.co.in
Website: http://www.neelamalaiagro.com
Final Thoughts
A buyback occurs when the issuing company pays shareholders the market value per share and re-absorbs that portion of its ownership that was previously distributed among public and private investors. subscribing for a buyback issue is purely a personal choice. make a detailed study before you make a decision on buyback issue subscription.
Happy Investing