Selan Exploration up 11 per cent on buyback, dividend
The Board of Directors of Selan Exploration Technology Limited (SETL) announced the buyback of equity shares for an aggregate amount of Rs. 25 crore. They also declared an interim dividend of Rs. 5 per equity share for FY2018-2019.
The buyback of the fully paid-up equity shares of face value Rs. 10 each is stipulated at a price of not more than Rs. 300 per equity share from the open market. Based on a minimum buyback size of at least 50 per cent, the company will purchase an indicative minimum of 4,16,667 equity shares. However, for a maximum buyback price of Rs. 300 per share, the company will buyback an indicative maximum number of 8,33,333 equity shares.
The maximum number of shares proposed to be bought back represent 8.66 per cent of the aggregate of the total paid-up equity capital. The free reserves of the company may increase in the event that the actual buyback price is less than the maximum buyback price. However, it will not exceed 25 per cent of paid-up equity capital.
Additionally, the Board declared an Interim Dividend of 50 per cent (i.e. Rs. 5 per equity share) for FY2018-19. The Record Date to determine the eligibility of shareholders for receiving payment has been set to Saturday, January 5, 2018.
On Thursday, the shares of SETL opened at Rs. 178.05 per share and hit a high and low of Rs. 200.75 and Rs. 176.50, respectively. At 2:52 pm, the stock was trading at Rs. 194.00, up 11.62 per cent.