Incorporated in the year 1990, Magna Electro Castings Ltd is in the business of manufacturing and supplying ferrous components in small and medium volumes to users worldwide. The company manufactures the Ductile Iron and Gray Iron casting weighing between the range of 300 grams to a maximum of 2000 Kilograms. Along with casting products, Magna Electro also produces machining and other special products such as Exhaust Manifold, Ductile Iron Valve with SS ring, Casting Charger, etc.
Magna Electro Castings Buyback 2020: Latest Update
Sept 29,2020: Magna Electro Castings Ltd (BSE: 517449| NSE: NA) board has approved a proposal for purchase of up to 4 Lakh (Four Lakh) shares at ₹175 (One Hundred and Seventy-Five) per share, aggregating ₹7 Cr (Seven Crore) (Buyback Offer Size) that is 8.73% of total paid equity share capital and free reserves.
Below is the complete details about Magna Electro Castings Ltd Buyback. Record date, buyback open and close dates are announce in below section.
|Buyback Type:||Tender Offer|
|Buyback Offer Amount:||7 Cr|
|Buyback Number of Shares:||4 lakh|
|Buyback Price:||Rs 175|
|Buyback Offer Size (In %):||8.73%|
|Total Share Capital:||75.01 Cr|
|Face Value:||10 Per Equity Share|
|Buyback Offer Size (In %):||8.73%|
Can I Invest today to participate in Magna Electro Castings Ltd buyback offer? No
In this section we have covered all important dates related to Magna Electro Castings Ltd Buyback. Dates are updated as they are announced. The most noted dates are record date and buyback open and close dates, which one should use to participate in buyback.
|Board Meeting for Buyback proposal||18th Sep 2020|
|Buyback Approval date||18th Sep 2020|
|Public Announcement of Buyback||21st Sep 2020|
|Record Date||1st Oct 2020|
|Buyback opens on/Buyback Opening Date||27th Oct 2020|
|Buyback closes on/Buyback Closing Date||10th Nov 2020|
|Cut-off date to receive completed tender forms by Registrar||12th Nov 2020|
|Cut-off date for verification by the Registrar||17th Nov 2020|
|Cut-off date to inform Stock Exchange on acceptance or non-acceptance of tendered Equity Shares by Registrar||18th Nov 2020|
|Last date of settlement of bids on the stock exchange||19th Nov 2020|
|Last date to return unaccepted shares by Registrar||19th Nov 2020|
|Last date of extinguishment of Equity Shares||26th Nov 2020|
Stock Holding table gives a clear picture on retail investor holdings of Magna Electro Castings Ltd shares which helps investor to decide on participating in buyback offer. The less number of retail holdings means higher chance of acceptance in buyback under retail category which is equal to higher profit.
|Holding Type||In %|
Magna Electro Castings Ltd Public Announcement >>Document
Magna Electro Castings Ltd Draft Letter of Offer >>Document
Magna Electro Castings Ltd Letter of Offer >>Document
Magna Electro Castings Ltd Post Buyback Public Announcement >>Document
For Buy back shares holders are divided in 2 categories:
|Category||Entitlement Ratio of Buyback Per Equity Shares||Entitlement Ratio of Buyback in %|
|Reserved Category||74 Equity Shares out of every 437 fully paid-up Equity Shares held on the Record Date||16.93|
|General Category||74 Equity Shares out of every 437 fully paid-up Equity Shares held on the Record Date||16.93|
For Magna Electro Castings Ltd Buyback Offer, Report updated by the manager of buyback -
In general category - response received 98.59%, No. of Equity Shares reserved in Buyback was 297153 where valid bid received for retail category was 292965 which is 98.59% oversubscribed.
In Reserved category for Small Shareholders (Retail) - response received only 55.56%, No. of Equity Shares reserved in Buyback was 102847 where valid bid received for retail category was 57141 which is 55.56%. Final Acceptance Ratio for Retail Investors was 100%.
The table below will give you a complete dashboard view for all open buyback offer in current market.
|Company Name||Buyback Type||Offer Amount||Buyback Price||CMP||Record Date||Buyback Open Date||Buyback End Date|
|Garware Technical Fibres Limited||Tender Offer||72.99 Cr||2300||2293.55 (0.98%)||11-12-2020||19-01-2021||02-02-2021||Jullundur Motor Agency (Delhi) Limited||Tender Offer||Rs 26.82 Cr||36||34.1 (-0.15%)||24-12-2020||TBD||TBD||Engineers India Limited||Tender Offer||586.90 Cr||84||73.70 (-2.83%)||01-01-2021||22-01-2021||05-02-2021||Industrial & Prudential Investment Co. Ltd||Tender Offer||Rs 8.34 Cr||1,200||1103.65 (-1.88%)||01-01-2021||TBD||TBD||Indian Toners and Developers Limited||Tender Offer||36.98 Cr||160||121.90 (-0.77%)||15-01-2021||TBD||TBD||NIIT Limited||Tender Offer||Rs 237 Cr||240||188.75 (-2.56%)||TBD||TBD||TBD|
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Detail Article on Benefit from buyback offer >> ReadMagna Electro Castings Ltd Buyback Important dates - Record Date,Buyback Start and End date. Buyback Details - Buyback Price, Buyback Offer Size, Buyback Number of Shares, Retail Investors limit. What is the record date for Magna Electro Castings Ltd? How can I apply in Magna Electro Castings Ltd Buyback offer?
Last Updated on 2020-11-26T01:28:07+00:00
The Record Date for Magna Electro Castings Ltd Buyback offer is 1st Oct 2020
Which means you should hold the Magna Electro Castings Ltd share in your demat account by closing session of 1st Oct 2020. Share purchased on and before (1st Oct 2020) - 2 business days will be available in your demat account by 1st Oct 2020.
Its all depend on acceptance ratio which usually announce with Letter of Offer. Lets assume if you have Magna Electro Castings Ltd shares at ₹160 and buyback offer price is ₹175, you can get ₹15 per accepted share. If you hold 1250 shares of Magna Electro Castings Ltd and if proportionate acceptance is between 33% and 50%, in such case you are eligible to sell your 412 to 625 shares with the gain from buyback of ₹6180 to ₹9375.
The percentage of proportionate acceptance varies from company to company. This percentage can be also 100% which means that company buys all of your shares.
|% Share Accepted||No of Shared Accepted||Gain from Buyback Offer|
Steps to participate in Magna Electro Castings Ltd buyback:
Share holders who hold less than 2 lakh worth of shares are consider in Retail Category. All others will consider in General Category. Last trading price on record date will be used to calculate the eligibility criteria.
As this is a buyback tender offer, shares are accepted in proportionate basis. Proportionate acceptance / rejection will be returned back to the eligible shareholders directly by the Registrar on or before 19th Nov 2020.
Buyback opening date for Magna Electro Castings Ltd: 27th Oct 2020
Buyback closing date for Magna Electro Castings Ltd: 10th Nov 2020
This is the window when you need to submit your application for proposal for share buyback. If you are submitting tender forms or submitting physical share certificates, it must reach to registrar by 12th Nov 2020.