Kalpataru Power Transmission Ltd's (KPTL) consolidated net profit dipped over 92 per cent to Rs 13 crore in the quarter ended March 31.
The company's consolidated net profit had stood at Rs 166 crore in the quarter ended March 31, 2019, according to a statement by the company.
Its total income stood at Rs 3,540 crore in the quarter, compared with Rs 3,537 crore a year ago.
For the full financial year 2019-20, the company's consolidated net profit was Rs 390 crore as compared to Rs 487 crore in 2018-19.
Its total income in 2019-20 was Rs 12,720 crore, compared with Rs 10,888 crore in 2018-19.
Besides financial results, the board approved the proposal for issuance of secured or unsecured redeemable non-convertible debentures up to Rs 300 crore by the company in one or more tranches.
The company's board also approved buyback of equity shares of a face value of Rs 2 each from the open market through the stock exchange mechanism at a maximum price of Rs 275 per equity share payable in cash, for an aggregate maximum amount of up to Rs 200 crore.
At the maximum buyback price and for the maximum buyback size, the indicative maximum number of equity shares to be bought back would be about 72,72,727 equity shares (maximum buyback shares), which is about 4.70 per cent of the total number of paid-up equity shares of the company as on March 31, 2020.
If the equity shares are bought back at a price below the maximum buyback price, the actual number of equity shares bought back could exceed the indicative maximum buyback shares (assuming full deployment of maximum buyback size) but will always be subject to the maximum buyback size and will also be not more than 25 per cent of the paid-up equity share capital of the company as on March 31, 2020, it said.
The board also approved the formation of a buyback committee and delegated its powers to the committee to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient, usual or proper in connection with the buyback.
Currently, the promoters hold 54.37 per cent equity in the company that would increase to 57.05 per cent after the buyback of shares.
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