VRL Logistics surged 12.42% to Rs 230.35 after the company's board approved a proposal to buyback shares worth upto Rs 60 crore.
The company proposes to buyback shares at maximum price of Rs 300 each. The aggregate consideration of the buyback shall not exceed Rs 60 crore.
At the maximum buyback price and for the maximum buyback size,, the indicative maximum number of equity shares proposed to be bought back would be 20 lakh equity shares, which is 2.21% of the total number of paid up equity shares of the company.
The minimum amount to be utilized for the buyback shall be Rs 30 crore, being 50% of the maximum buyback size. The buyback price of Rs 300 per share is a 46.4% premium to Friday's closing price.
The company also announced its December quarter earnings on Saturday (6 December 2021). VRL Logistics reported 54% jump in net profit to Rs 39.74 crore on a 1.1% rise in net sales to Rs 563.42 crore in Q3 FY21 over Q3 FY20.
Profit before tax in Q3 December 2020 stood at Rs 54.53 crore, up by 67.2% from Rs 32.61 crore in Q3 December 2019. Current tax expense during the quarter declined by 24.7% year-on-year (YoY) to Rs 5.76 crore.
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VRL Logistics is a parcel delivery service provider (87% of total Revenue for FY20) with pan-India last mile connectivity operating through a fleet of 4649 owned goods transport vehicles complemented by third party hired vehicles on need basis.
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