On the sidelines of its first quarterly results for Fy22, Balrampur Chini Mills' board approved buyback of fully paid-up equity shares of face value of Rs. 1 at a price not exceeding Rs. 410 per share ('maximum buyback price') and for an amount not exceeding Rs. 215.25 crores excluding any other expenses incurred or to be incurred for the Buyback like filing fees payable to SEBI, Stock Exchanges fees, advisors fees, public announcement, publication expenses, transaction cost viz., brokerage, applicable taxes such as securities transaction tax, stamp duty, buyback tax, income tax etc., and any other incidental and related expenses ('Maximum Buyback Size'), from the open market through stock exchange mechanism.
The buyback plan of upto 52,50,000 equity shares, or 2.5% equity of the company represents 8.68% and 8.56% of the aggregate of the total paid-up equity capital and free reserves of the Company based on the audited standalone and consolidated financial statements of the Company, respectively, for last financial year ended on 31st March, 2021.
Meanwhile, total income at the sugar company for the period ending June 30,2021 came in at Rs. 114565.67 lakhs as against previous quarter's revenue of 103377.52 lakhs. Profit at the company stood at Rs. 7269.75 lakhs for the period under review in comparison to Rs. 13313.82 lakhs in the corresponding period in the previous year.
Also, the company's board gave a go-ahead to additional capacity expansion of ethanol production from 840 kilo litre per day (KLPD) to 1,050 KLPD given the emerging demand for ethanol on the back of Government of India's policies on ethanol blending.
The stock of Balrampur Chini Mills ahead of the announcement of its Q1Fy22 earnings settled at Rs.353.85, down 0.72% on BSE.