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Last Updated : Jul 13, 2019 08:05 PM IST | Source: Moneycontrol.com

Buyback of shares to attract Rs 12 crore tax; not Rs 92 crore: BSE

The company issued a clarification to the NSE under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

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Quashing a report which stated that the buyback programme of Bombay Stock Exchange will attract an additional tax of Rs 92 crore, it said that the tax burden will come to around Rs 12 crore.

The company issued a clarification to the NSE under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The annual general meeting of the BSE is scheduled to be held on July 15 and the decision is set to be ratified.

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After FM Nirmala Sitharaman proposed an additional tax of 20 percent in case of buyback of shares by listed companies, it has forced investors and companies to rethink their strategy.

On July 11, KPR Mill became the first company to withdraw its share buyback plan after the Budget announcement.

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First Published on Jul 13, 2019 08:00 pm
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