VRL Logistics Limited will buyback nearly 20,00,000 shares for about Rs.60,00,00,000/- (Rupees Sixty crores only)/-. In a filing to the stock exchanges, VRL Logistics Limited said it will buyback 9.73 percent of the fully paid-up equity shares at a price of Rs.300/- per share (Maximum Buyback Price).
The board of directors of VRL Logistics Limited approved the proposal to buyback of not exceeding 20,00,000 equity shares of face value of Rs 10 each of the company (representing 9.73% percent of the total number of fully paid-up equity shares in the paid-up share capital of the company) at a price of Rs 300 per equity for an aggregate consideration not exceeding Rs 60 crore," it said.
VRL Logistics Limited BuyBack 2021 Offer Deal:
| Buyback Type: | Open Market Offer |
| Buyback Record Date: | N/A |
| Buyback Offer Amount: | ₹ 60 Crore |
| Date of Board Meeting approving the proposal: | Feb 06 2021 |
| Date of Public Announcement: | Feb 08 2021 |
| Buyback Offer Size: | 9.73% |
| Buyback Number of shares: | 20,00,000 |
| Price Type: | Open Market |
| FV: | Rs. 10 |
| Buyback Price: | ₹ 30 Per Equity Share |
VRL Logistics Limited buyback of 20,00,000 equity shares which is around 9.73% of all the existing number of equity shares at a price of ₹300 per equity share. The buyback offer not exceeding of ₹ 60 crore of total buyback offer size.
Note: If anything you want to know about the buyback offer you can refer the VRL Logistics Limited buyback offer documents. Click Here
VRL Logistics Limited Buyback Important Dates
| Buyback Activity | Date |
|---|---|
| Board Meeting for VRL Logistics Limited Buyback proposal | 06.02.2021 |
| VRL Logistics Limited Buyback Approval date | 06.01.2021 |
| Public Announcement of Buyback | 08.02.2021 |
| Buyback Start Date | 17-02-2021 |
| Last date for the completion of the Buy-back | 16-08-2021 |
Necessity of Buyback by VRL Logistics Limited
1. The Buyback will help the Company achieve the following objectives: (i) optimize returns to shareholders; and enhance overall shareholders’ value. The Buyback is being undertaken, inter-alia, for the following reasons:
(i) The Buyback may help in improving return on equity by reduction in the equity base, thereby leading to long term increase in shareholders’ value.
(ii) The Buyback gives an option to the shareholders holding Equity Shares of the Company, who can choose to participate and get cash in lieu of Equity Shares to be accepted under the Buyback offer or they may choose not to participate and enjoy a resultant increase in their percentage shareholding, post the Buyback offer, without additional investment.
2. The Buyback is not likely to cause any material impact on the ability of the Company to pursue growth opportunities or meet its cash requirements for business operations and for continued capital investment.
3. The Board at its meeting held on February 06, 2021, considered the accumulated free reserves as well as the cash liquidity reflected in the last audited financial statements as on March 31, 2020, and considering these, the Board decided to allocate a sum of ` 60 Crore (Indian Rupees Sixty Crore Only) excluding the Transaction Costs for distributing to the shareholders holding Equity Shares of the Company through the Buyback.
About VRL Logistics Limited
VRL was founded in 1976 by DR. Vijay Sankeshwar in Gadag, a small town in North Karnataka with a single truck and a vision that was way ahead of its time. VRL gradually expanded its services to Bangalore, Hubli and Belgaum. From this humble beginning VRL has today grown into a nationally renowned logistics and transport company which is also currently the largest fleet owner of commercial vehicles in India with a fleet of 4835 Vehicles (Including 362 Passenger Transport Vehicles & 4473 Goods Transport Vehicles amongst others). VRL finds mention in the Limca Book of Record as the largest fleet owner of commercial vehicles in india in the Private Sector. Mr. Vijay Sankeshwar has now been joined by his son Mr. Anand Sankeshwar who brings in newer strategies to further drive the growth of the Company.
Over the years, VRL has pioneered in providing a safe and reliable delivery network in the field of parcel service. It has spread its operations to Courier Service, Priority Cargo & Transport of Passengers by Air to meet the growing demands of its burgeoning customer base.
3PL & Warehousing solutions offered by VRL are tailor-made and cater to unique needs of its diverse customer base. With the largest goods transportation network in India, VRL parcel service is indispensable for a large number of Corporate Houses. This network spans the length and breadth of the country and is supported by strategically located transshipment hubs. We operate through a network of 929 Branch and franchisees to cater our valuable customers and we are now in the process of expanding our services to reach even the remotest locations of the Country.
How to Participate in buyback?
VRL Logistics Limited Buyback 2021 FAQs:
When is VRL Logistics Limited Buyback Start Date?
VRL Logistics Limited buyback 2021 start date is 17 February 2021
When is VRL Logistics Limited Buyback announcement Date?
VRL Logistics Limited buyback 2021 announcement date is 06 Feb 2021.
What is VRL Logistics Limited Buyback Price?
The company has fixed the price at ₹ 600
What is VRL Logistics Limited Buyback Last Date?
VRL Logistics Limited buyback Last Date is 16 Aug 2021.
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