Board of Shanthi Gears approve special dividend and buyback of shares

The Board of Shanthi Gears at its meeting held on 26 December 2018 has approved the following -

The Board has recommended a one-time special (interim) dividend of Rs 5 per equity shares of face value of Re 1 each fully paid up for FY 2018-19.

The Board approved buyback of fully paid up equity shares of Re 1 each ("Equity Share") of the Company not exceeding 50,00,000 Equity Shares (being 6.12% of the total paid-up equity capital of the Company) at a price of Rs.140 per Equity Share, for an aggregate amount of up to Rs. 70 crore.

Further, the Board noted that the Promoters and Promoter Group of the Company have expressed their intention to tender up to a maximum of 49,06,500 Equity Shares out of the 5,73,02,913 Equity Shares held by them.

 

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