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Last Updated : Oct 18, 2019 12:31 PM IST | Source: Moneycontrol.com

KPR Mill gains 6% after co gets SEBI approval for buyback

A meeting of the board of directors of the company is scheduled to be held on October 24 to consider un-audited financial results for the quarter/half-year ended on September 30.

 
 
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Share prices of KPR Mill added more than 6 percent intraday on October 18 after the SEBI approval for buyback of shares.

The company on July 11 informed about the inability to go forward with the buyback proposal because of the increase in the amount of buyback obligation due to the tax proposal in the Finance Bill 2019.

However, as per the latest amendment in the Tax Policy vide The Taxation Laws (Amendment) Ordinance, 2019 No 15 dated September 20, the buyback announced prior to July 5 are exempted from the tax implication announced in Finance Bill 2019.

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"As our buyback is falling under this category, we had sent a letter to SEBI requesting to proceed with the buyback as originally contemplated since we have adequate cash reserves to meet the buyback obligation assuming tax exemption," company said in release.

SEBI has informed that it may proceed with the buy-back offer as originally contemplated, the company added.

A meeting of the board of directors of the company is scheduled to be held on October 24 to consider un-audited financial results for the quarter/half-year ended on September 30.

At 11:58 hrs, KPR Mill was quoting at Rs 595.80, up Rs 28.25, or 4.98 percent, on the BSE.

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First Published on Oct 18, 2019 12:31 pm
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