Tender Offer | ₹121.95 Crores | Listed at BSE, NSE | Fri, Nov 18, 2022 - Thu, Dec 1, 2022
CARE Ratings Ltd. Buyback is a tender offer for the repurchase of up to 0.24 crore equity shares at a buyback price of ₹515 per share with a face value of ₹10 per share, aggregating to ₹121.95 crores.
The record date for determining eligible shareholders is Sep 14, 2022. Shareholders holding equity shares as on the record date are eligible to participate in the buyback.
The buyback opens on Nov 18, 2022 and closes on Dec 1, 2022, with the last date for receipt of tender forms being Dec 3, 2022.
The finalisation of buyback acceptance is expected on Dec 9, 2022, followed by settlement of bids on Dec 12, 2022.
Dam Capital Advisors Ltd. is the Manager to the Buyback and Kfin Technologies Ltd. is the Registrar and DAM Capital Advisors Limited is the Registered Broker to the Buyback.
Investors are advised to refer to the CARE Ratings Ltd. Letter of Offer for detailed information, including eligibility criteria, entitlement ratio, acceptance methodology, and tax implications.
Offer Opening Date
Fri, Nov 18, 2022
Offer Closing Date
Thu, Dec 1, 2022
Buyback Price
₹515 per share
Record Date
September 14, 2022
| Category | Entitlement Ratio of Buyback |
|---|---|
| Reserved Category for Small Shareholders | 60 Equity Share out of every 539 Fully paid-up Equity Shares held on the Record Date. |
| General Category for all other Eligible Shareholders | 69 Equity Shares out of every 907 Fully paid-up Equity Shares held on the Record Date. |
| Period Ended | Total Revenue | Profit After Tax |
|---|---|---|
| 31-Mar-20 | 275.11 | 83.48 |
| 31-Mar-21 | 279.74 | 90.97 |
| 31-Mar-22 | 274.82 | 76.83 |
| Amount in ₹ Crore | ||
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Aug-2022 | 521.80 | 452.75 | 484.72 |
| Jul-2022 | 492.25 | 410.60 | 440.55 |
| Jun-2022 | 485.35 | 405.35 | 437.03 |
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Aug-2022 | 522.00 | 452.20 | 484.75 |
| Jul-2022 | 492.00 | 410.15 | 440.83 |
| Jun-2022 | 485.00 | 406.00 | 437.16 |
The Buyback is being undertaken for the following reasons:
(i) optimising returns to shareholders;
(ii) enhancing overall shareholder value.
(iii) achieving optimum capital structure.
(iv) mitigating the effects of short-term market volatility.
(v) enhancing shareholders' confidence.
CARE Ratings Ltd.
4th Floor, Godrej Coliseum,
Somaiya Hospital Road,
Off Eastern Express Highway, Sion (E), - 400 022
Tal, Madhya Pradesh
Lead Manager(s)
Registered Broker
The CARE Ratings Buyback opens on November 18, 2022, and closes on December 1, 2022.
The CARE Ratings Buyback last day to buy is not available as of now.
The CARE Ratings Buyback is a Tender Offer.
CARE Ratings Buyback Schedule
| Buyback Opening Date | November 18, 2022 |
| Buyback Closing Date | December 1, 2022 |
| Last Date for receipt of Tender Forms | December 3, 2022 |
| Finalisation of Buyback Acceptance | December 9, 2022 |
| Last Date for settlment of bids | December 12, 2022 |
| Last Date for Extinguishment of Shares | December 19, 2022 |
The CARE Ratings Buyback is being offered at Rs ₹515 per share.
| Category | Entitlement Ratio of Buyback |
|---|---|
| Reserved Category for Small Shareholders | 60 Equity Share out of every 539 Fully paid-up Equity Shares held on the Record Date. |
| General Category for all other Eligible Shareholders | 69 Equity Shares out of every 907 Fully paid-up Equity Shares held on the Record Date. |
The issue size of CARE Ratings Buyback is 23,68,000 equity shares at ₹515 per share aggregating up to ₹121.95 Crores.
The Buyback is being undertaken for the following reasons:
(i) optimising returns to shareholders;
(ii) enhancing overall shareholder value.
(iii) achieving optimum capital structure.
(iv) mitigating the effects of short-term market volatility.
(v) enhancing shareholders' confidence.
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 CARE Ratings Buyback 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.
