Tender Offer | ₹1.68 Crores | Listed at BSE | Tue, Mar 14, 2023 - Wed, Mar 29, 2023
Abirami Financial Services (India) Ltd. Buyback is a tender offer for the repurchase of up to 0.06 crore equity shares at a buyback price of ₹28 per share with a face value of ₹10 per share, aggregating to ₹1.68 crores.
The record date for determining eligible shareholders is Jan 27, 2023. Shareholders holding equity shares as on the record date are eligible to participate in the buyback.
The buyback opens on Mar 14, 2023 and closes on Mar 29, 2023, with the last date for receipt of tender forms being Mar 30, 2023.
The finalisation of buyback acceptance is expected on Apr 10, 2023, followed by settlement of bids on Apr 12, 2023.
Bonanza Portfolio Ltd. is the Manager to the Buyback and Cameo Corporate Services Ltd. is the Registrar and Nikunj Stock Brokers Limited is the Registered Broker to the Buyback.
Investors are advised to refer to the Abirami Financial Services (India) Ltd. Letter of Offer for detailed information, including eligibility criteria, entitlement ratio, acceptance methodology, and tax implications.
Offer Opening Date
Tue, Mar 14, 2023
Offer Closing Date
Wed, Mar 29, 2023
Buyback Price
₹28 per share
Record Date
January 27, 2023
| Category | Entitlement Ratio of Buyback | Shares Offered |
|---|---|---|
| Reserved Category for Small Shareholders | 17 Equity Shares out of every 62 Fully paid-up Equity Shares held on the Record Date. | 90,000.00 |
| General Category for all other Eligible Shareholders | 8 Equity Shares out of every 89 Fully paid-up Equity Shares held on the Record Date. | 510,000.00 |
| Period Ended | Total Assets | Total Revenue | Profit After Tax |
|---|---|---|---|
| 31-Mar-20 | 8.17 | 0.69 | 0.16 |
| 31-Mar-21 | 8 | 0.51 | -0.12 |
| 31-Mar-22 | 7.82 | 0.46 | -0.19 |
| Amount in ₹ Crore | |||
Incorporated in 1993, Abirami Financial Services (India) Limited is engaged in the business of Hire purchase, Leasing, and Lending Money against Securities, Movable and immovable properties.
Abirami Financial Services primarily operates from Chennai, Tamil Nadu, and offers its facilities to customers with varied requirements.
The company is promoted by Mr. K. V. Aiyappan, Mrs. Abiraami Arunachalam, and Mr. Teckchand H. Vaswani. The equity shares of the company are listed on BSE.
Over the decades of its operations, Abirami Financial Services has attained numerous benchmarks and is growing at a consistent pace in terms of its financial aspects and overall operations.
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Feb-2023 | 23.55 | 16.30 | 19.69 |
| Jan-2023 | 32.01 | 15.44 | 23.92 |
| Dec-2022 | 14.71 | 7.47 | 10.71 |
The proposed buy-back is being undertaken, inter-alia for the following reasons:
Abirami Financial Services (India) Ltd.
Old No. 11, New No. 2,
Parthasarathypuram, 2nd Street, T.Nagar,
Chennai- 600017
Chennai, Tamil Nadu, 600017
Lead Manager(s)
Registered Broker
The Abirami Financial Services Buyback 2023 opens on March 14, 2023, and closes on March 29, 2023.
Last date to be eligible to participate in buyback is January 24, 2023.
The Abirami Financial Services Buyback 2023 is a Tender Offer.
Abirami Financial Services Buyback 2023 Schedule
| Buyback Opening Date | March 14, 2023 |
| Buyback Closing Date | March 29, 2023 |
| Last Date for receipt of Tender Forms | March 30, 2023 |
| Finalisation of Buyback Acceptance | April 10, 2023 |
| Last Date for settlment of bids | April 12, 2023 |
| Last Date for Extinguishment of Shares | April 5, 2023 |
The Abirami Financial Services Buyback 2023 is being offered at Rs ₹28 per share.
| Category | Entitlement Ratio of Buyback | Shares Offered |
|---|---|---|
| Reserved Category for Small Shareholders | 17 Equity Shares out of every 62 Fully paid-up Equity Shares held on the Record Date. | 90,000.00 |
| General Category for all other Eligible Shareholders | 8 Equity Shares out of every 89 Fully paid-up Equity Shares held on the Record Date. | 510,000.00 |
The issue size of Abirami Financial Services Buyback 2023 is 6,00,000 equity shares at ₹28 per share aggregating up to ₹1.68 Crores.
The proposed buy-back is being undertaken, inter-alia for the following reasons:
All the eligible Shareholders of the Company holding either Physical Shares or Demat Shares as on the Record Date can participate in the buyback offer through their Stock Broker.
The eligible shareholder holding the shares in Demat form needs to inform their broker the details of the Equity shares they wish to tender in the Buyback Offer. The shareholder needs to transfer the tendered shares to a Special account of the clearing corporation. The broker, in turn, would place an order on the stock exchange for the buyback.
The eligible shareholder holding the shares in physical form needs to approach their broker with original share certificates and supporting documents. Upon completion of document verification, the broker places an order on the stock exchange and submits the original share certificate and TRS to the registrar.
The tender form and TRS are optional in the case of Demat shares but mandatory in the case of physical shares.
The Abirami Financial Services Buyback 2023 offers an opportunity for the shareholders to exit their positions at a premium price. In case you stay invested you would have an increased percentage of shareholding in the company and improved earnings per share. Thus, one should understand the company fundamentals along with one's need, goals, and risk appetite to decide if one wants to stay invested or participate in the buyback offer.
