Genesis Exports Buyback Review, Offer Details, Price, Dates, Size & more

In this article, they will discuss about Genesis Exports Limited Buyback offer, buyback price, buyback size, Genesis Exports Buyback record date, company financial, buyback necessity and its impact on company.

Genesis Exports Limited Buyback Details

Buyback TypeTender Offer
Opening DateJuly 28, 2020
Closing DateAugust 10, 2020
Buyback Offer AmountRs.10,97,23,140
Buyback No. of Shares179874
Face ValueRs.10
Date of Buyback ApprovalJanuary 22, 2020
Date of Public AnnouncementJune 08, 2020
Buy Back PriceRs.610
Buy Back Premium0.09%
Date of Board MeetingJanuary 22, 2020

Genesis Exports Buyback Opening and Closing Date

The starting and closing date of this buyback is from July 28, 2020 to August 10, 2020.

Genesis Exports Buyback Cash Offer

Cash Offer to Buy-back up to 179874 fully paid-up equity shares of the Company of face value of Rs.10 each, representing 24.99% of the total number of equity shares.

Genesis Exports Buyback Record Date

The decided record date is 19.06.2020.

Genesis Exports Buyback Price

At a price of Rs.610 per Equity Share.

Genesis Exports Buyback Size

At a buyback price of Rs.610 payable in cash for an aggregate maximum amount of Rs.10,97,23,140.

Genesis Exports Limited Buyback Acceptance Query

You can check for Buyback Acceptance query here. Just click on the given link and it will redirect you to buyback acceptance query page.


Genesis Exports Limited Buyback Acceptance Ratio

Find profit & profit percentage based on various acceptance rate, The profit is calculated based on 1000 shares.

Acceptance RatioTotal Shares AcceptedBuyback PriceBuyback AmountProfitProfit%
20%2006101220001140.02%
40%4006102440002280.04%
60%6006103660003420.06%
80%8006104880004560.07%
100%10006106100005700.09%

Profit is calculated from share price Rs.609.43 per share of Genesis Exports Limited.

According to the above table, if a shareowner applies for 1000 shares of Genesis Exports limited & gets 20% acceptance from the company and the owner with 1000 shares will sell 200 shares @ Rs.610 per share & receive Rs.114 as profit amount & 0.02% profit percentage on selling these 200 shares back to the company.

Similarly, if the owner gets 60% acceptance of share from the company, the owner will sell 600 shares @ Rs.610 & receive a profit of Rs.342 @ 0.06% profit percentage.


Genesis Exports Limited Buyback Overview

The Company is engaged in the business of investments in shares and securities and generates dividend income. The Company also generates rental income. Genesis Exports Limited was incorporated under the provisions of the Companies Act, 1956 on 23.07.1981 as a Public Limited Company with the Registrar of Companies, West Bengal and also obtained Certificate of Commencement of business from the Registrar of Companies, West Bengal on 20.08.1981.


Company Finances – Genesis Exports Limited

The brief audited consolidated financial information of the Company for the last three financial years and limited review financial information for the 9 months ended December 31, 2019 are provided below:

[In Rs. Lakhs]

ParticularsFor the period ended Dec 2019 (Unaudited)12 Months period ended March 31
(Audited)
201920182017
Total Income758.911036.29758.42879.3
Total Expenses109.68205.33179.72118.01
Finance Cost0.009.000.010.01
Depreciation and Amortization12.3117.2618.2119.27
Profit before tax649.22830.96578.70761.29
Profit /(Loss) after tax642.99774.84509.94729.55
Equity Share Capital71.9571.95*71.9571.95
Reserves6978.845249.104474.263964.32
Networth7050.795321.054546.214036.27
Total Debt0.000.00*0.000.00

Genesis Exports Limited Buyback Dates

Date of Board Meeting approving the BuybackJanuary 22, 2020
Date of publication of Public Announcement for BuybackJune 08, 2020
Record Date for determining the Buyback Entitlement and the names of Eligible ShareholdersJune 19, 2020
Buyback Opening dateJuly 28, 2020
Buyback Closing dateAugust 10, 2020
Last Date of verification of Tender Forms by the RegistrarAugust 12, 2020
Last date of intimation regarding acceptance / non-acceptance of Tendered Equity Shares to the BSE Limited by the RegistrarAugust 19, 2020
*Last date of Settlement of Bids on the BSE LimitedAugust 19, 2020
Last date of return of unaccepted Equity Shares by BSE LimitedAugust 19, 2020
*Last date of Extinguishment of Equity SharesAugust 26, 2020

Details of Public Announcement

The Public Announcement dated 04.06.2020 was published on 08.06.2020, in the following newspapers, in accordance with Regulation 7(i) of the Buyback Regulations, within two working days from the date of declaration of results of the Postal Ballot or special resolution i.e. 04.06.2020:

PublicationLanguageEdition
The Financial ExpressEnglish DailyAll editions
JansattaHindi DailyAll editions
SukhabarBengali DailyKolkata

Necessity of Genesis Exports Limited Buyback

The Company’s management strives to return surplus cash to the members holding equity shares of the Company and the Buyback would result in the following benefits, amongst other things:

  1. The Buyback will help the Company to return surplus cash to its members holding Equity shares broadly in proportion to their shareholding, thereby, enhancing the overall return to members.
  2. This Buyback, which is being implemented through the Tender Offer route as prescribed under the Buyback Regulations, would involve allocation of higher number of shares as per their entitlement or 15% of the number of shares to be bought back, reserved for the small shareholders.
  3. The Buyback may help in improving return on equity, by reduction in the equity base, thereby leading to long term increase in shareholders’ value;
  4. Optimizes the capital structure

Impact of Genesis Exports Limited Buyback on the Company

The Buyback is not likely to cause any material impact on the profitability/earnings of the Company except a reduction in the investment income, which the Company could have otherwise earned on the amount distributed towards Buyback.

This Buyback will not in any manner impair the ability of the Company in meeting to pursue growth opportunities or meet its cash requirements for business operations.

The Buyback of Equity shares of the Company will not result in a change in control or otherwise affect the existing management structure of the Company.

Consequent to the Buyback and based on the number of Equity shares bought back from the Non- resident Shareholders, Indian Financial Institutions, Mutual Funds and the Public including other bodies corporate, their shareholding would undergo a change

Salient financial parameters consequent to the Buyback based on the latest audited financial statement of the Company for 30.09.2019 are as under:

Parameters (based on audited standalone financial statements for year ended March 31, 2019)Pre Buy-backPost Buy-back
(Assuming Full Acceptance)
Net worth (Rs in Lakhs)6967.465870.23
Return on Net worth (%)8.21%9.75%
Earnings Per Share Basic & Diluted (Rs)79.52106.03
Book Value per Share (Rs)968.361087.81
Total Debt / Equity RatioNot AscertainableNot Ascertainable

Basis of Calculating Genesis Exports Buyback Price

The Equity Shares of the Company are proposed to be bought back at the Buyback Price, i.e., Rs.610/- (Rupees Six Hundred Ten Only) per equity share.

The Buyback Price of Rs.610/- (Rupees Six Hundred Ten Only) per equity share has been arrived at after considering various factors including, but not limited to (i) Trends in the market price of the equity shares of the Company:, (ii)The closing market price of the equity shares as on date of intimation of the date of board meeting for considering the Buyback to the Stock Exchanges.

There has been no trading in the equity shares of the Company on the CSE for more than last one year, the minimum justified price for the buyback was arrived at Rs.609.43 per equity share.


Source of Funds for the Buyback

Assuming full acceptance, the funds that will be required by the Company for the purpose of Buyback of 179874 equity shares would be Rs. 10,97,23,140/- (Rupees Ten Crores Ninety Seven Lakhs Twenty Three Thousand One Hundred Forty Only) .

The funds for the Buyback will be sourced from cash balances available with the Company and/or liquidation of financial instruments held by the Company. These funds have been generated through internal accruals. The Company does not intend to raise debt for the explicit purposes of the Buyback. Accordingly, borrowed funds will not be used for the Buyback. However, if required, the Company may borrow funds in the ordinary course of its business.


Genesis Exports Limited – Manager to the Buyback

VC Corporate Advisors Private Limited
CIN: U67120WB2005PTC106051
SEBI REGN No.: INM000011096
Validity of Registration: Permanent
(Contact Person: Ms. Urvi Belani/ Mr. Premjeet Singh)
31, Ganesh Chandra Avenue, 2nd Floor,
Suite No. –2C, Kolkata-700 013,
Tel. No.: 033- 2225 3940,
Fax No.: 033 2225 3941,
Email Id: mail@vccorporate.com
Website: www.vccorporate.com

Genesis Exports Limited – Registrar to the Buyback

Maheshwari Datamatics Private Limited,
CIN: U20221WB1982PTC034886
SEBI REGN No.: INR000000353
Validity of Registration: Permanent
(Contact Person: Mr. S. Rajagopal)
23, R. N. Mukherjee Road, 5th Floor,
Kolkata – 700 001
Tel. No.: 033 2248 2248
Fax No.: 033 2248 4787
Email Id: mdpldc@yahoo.com
Website: www.mdpl.in

Genesis Exports Limited Contact Details

Company Contact Details
GENESIS EXPORTS LIMITED
CIN No.: L26919WB1981PLC033906
Registered Office: “Chitrakoot” 10th Floor, 230A, A.J.C. Bose Road, Kolkata- 700 020,
Tel. No. +91 7604088814/15/16/17, Fax No. +91 33 2287 0284,
Website:- www.genesisexp.com, Email: genesis.exports@genesisexp.com

 


Genesis Exports Limited Buyback News

News 1 – Buyback PDF / Draft Letter of Offer [Download]

News 2 – Genesis Exports Ltd – Public Announcement


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