RadioandMusic
| 18 Aug 2019
Tips Industries Ltd considers buying back of fully paid-up equity shares

MUMBAI: On 2 November, Tips Industries Ltd informed the BSE that in a meeting of Board of Directors of the company, which will be held on 5 November 2015, it will consider “matters related to buy-back of the fully paid-up equity shares of the Company, including matters related / incidental thereto.”

Furthermore, as per SEBI (Prohibition of Insider Trading) Regulations, 2015 and Company's code of internal procedures and conduct for regulating, monitoring and reporting of trading by insiders, the trading window of the company was closed for designated person (as defined in the Code) from 12 October, 2015 and shall remain closed until 7 November, 2015 (both days inclusive), for buy-back purposes.

The shareholding belonging to the promoter and promoter group category, which includes Kumar S Taurani (18.76 per cent), Ramesh S Taurani (18.73 per cent), Varsha R Taurani (16.11 per cent), Renu K Taurani (16.07 per cent), Shyam M Lakhani (0.05 per cent) and Kavita S Lakhani (0.03 per cent), have in total 69.75 per cent shares in the company. However, in case of shareholding belonging to ‘public and holding more than 1 per cent of the total numbers of shares’ category, the three major shareholders include Shastha Advisors Pvt Ltd (4.26 per cent), Pasha Finance Pvt Ltd (3.91 per cent) and Riddisiddhi Builders Ltd (1.47 per cent), and that is a total of 9.63 per cent.

In case the promoters acquire more than 75 per cent stake in the company, it can de-list the company at any given point of time, after which it does not need to fall under SEBI’s regulations. This move to buy-out the stakes can also be, to increase the share of the promoters in the company.

Today, the company’s stock slid down by 0.30 per cent as it closed at Rs 47.45 on 2 November.

The net worth of the company on March 2015 for period of 12 months was Rs 70.25 crore, and total liabilities stand at Rs 160.45 crore. The sales turnover of the company is Rs 102.35 crore.