with a market valuation of 1,317.20 Crore, KDDL Limited is a Small-Cap company operating in the Consumer Discretionary industry. KDDL is a well-known Indian company that specializes in the production of watch parts. Through its subsidiary Ethos Limited, KDDL also operates the largest luxury watch retail network in India. Share buyback operation up to has been announced by the firm through an open market deal with a price of Rs 21 crore per share 1,200. The buyback currently commands a premium of 15.60% over Friday’s closing price of the stock.
The company said in a stock exchange filing that its board of directors has approved the proposal for buyback of fully paid-up equity shares of face value of Rs. 10/- (Rupees Ten only) for each company not exceeding Rs. 1200/- (Rupees One Thousand Two Hundred only) per Equity Share (“Maximum Buyback Price”) and for an aggregate amount not exceeding Rs. 2100 Lakhs (Rupees Twenty One Lakhs only) (the “Maximum Buyback Size”), from the shareholders of the Company (other than the Promoters, the Promoter Group and persons in control of the Company) payable in cash through the “Open Market” route through the Stock Exchange Mechanism of which is less than 10% of the aggregate of the total paid-up share capital and free reserves of the company.”
“At the maximum buy-back size and the maximum buy-back price, the indicative maximum number of equity shares to be bought back under the buy-back shall be 1,75,000 equity shares (representing 1.37% which is less than 25%). total number of paid-up equity shares of the company). The maximum buyback size represents 9.73% and 8.47%, respectively, of the total paid-up equity share capital and free reserves of the Company based on the latest audited standalone and audited consolidated financial statements of the Company as on March 31, 2022. KDDL informed the stock exchanges.
Shares of KDDL Limited closed on NSE on Friday 1,038.00 each level, up 1.46% from the previous close 1,023.10. The stock recorded a total volume of 10,852 shares as compared to 20-day average volume of 13,576 shares. The stock has produced multibagger returns of 230.63% in last five years and 227.62% in last three years. The stock has appreciated by 10.12% over the last year, while its YTD decline is 0.52%. The stock touched a 52-week high 1,191.00 (03-Feb-2022) and at a 52-week low at 594.15 (17-Jun-2022). For the quarter ended September or Q2FY23, the company posted promoter shareholding of 49.07%, FII holding of 20.11%, DII holding of 2.39%, government holding of 0.06% and public holding of 28.36%.
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