Gokul Refoils Buyback Review, Offer Details, Price, Dates, Size & more
Last Updated Date: Nov 17, 2022In this article, they will discuss about Gokul Refoils Limited Buyback offer, buyback price, buyback size, Gokul Refoils Buyback record date, company financial, buyback necessity and its impact on company.
To track the real time share price of this Buyback, click on this link – Gokul Refoils Share Price
Gokul Refoils Limited Buyback Details
| Buyback Type | Tender Offer |
| Opening Date | FRIDAY. SEPTEMBER 11. 2020 |
| Closing Date | THURSDAY.SEPTEMBER 24,.2020 |
| Buyback Offer Amount | Rs.39,48,00,000 |
| Buyback No. of Shares | 3,29,00,000 |
| Face Value | Rs.2 |
| Date of Buyback Approval | June 16, 2020 |
| Date of Public Announcement | July 29, 2020 |
| Buy Back Price | Rs.12 |
| Buy Back Premium | 11.62% |
| Date of Board Meeting | June 16, 2020 |
Gokul Refoils Buyback Opening and Closing Date
The starting and closing date of this buyback is from FRIDAY. SEPTEMBER 11. 2020 to THURSDAY.SEPTEMBER 24,.2020.
Gokul Refoils Buyback Cash Offer
Cash Offer to Buy-back up to 3,29,00,000 fully paid-up equity shares of the Company of face value of Rs.2 each, representing 15.32% and 12.98% of the fully paid-up Equity Share capital and free reserves.
Gokul Refoils Buyback Record Date
The decided record date is August 14, 2020.
Gokul Refoils Buyback Price
At a price of Rs.12 per Equity Share.
Gokul Refoils Buyback Size
At a buyback price of Rs.12 payable in cash for an aggregate maximum amount of Rs.39,48,00,000.
Gokul Refoils 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.
Gokul Refoils Limited Buyback Acceptance Ratio
Find profit & profit percentage based on various acceptance rate, The profit is calculated based on 1000 shares.
| Acceptance Ratio | Total Shares Accepted | Buyback Price | Buyback Amount | Profit | Profit% |
| 20% | 200 | 700 | 140000 | 64940 | 17.30% |
| 40% | 400 | 700 | 280000 | 129880 | 34.61% |
| 60% | 600 | 700 | 420000 | 194820 | 51.91% |
| 80% | 800 | 700 | 560000 | 259760 | 69.21% |
| 100% | 1000 | 700 | 700000 | 324700 | 86.52% |
Profit is calculated from Sep 07,2020 share price i.e. Rs.12 per share of Gokul Refoils Limited.
According to the above table, if a shareowner applies for 1000 shares of Gokul Refoils limited & gets 20% acceptance from the company and the owner with 1000 shares will sell 200 shares @ Rs.700 per share & receive Rs.64940 as profit amount & 17.30% 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.700 & receive a profit of Rs.194820 @ 51.91% profit percentage.
Gokul Refoils Limited Buyback Overview
The Company was incorporated on December 29, 1992 as Gokul Refoils and Solvent Private Limited. It was converted into a public limited company vide special resolution passed at the Extra Ordinary General Meeting of the Company held on May 2, 1994.
This company is engaged in the business of seed processing, solvent extraction, refining of edible oils and industrial oil such as Castor Oil. For further details about the business activities of the Company kindly refer to its website gokulgroup dot com.
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Company Finances – Gokul Refoils Limited
The brief audited consolidated financial information of the Company for the last three financial years are provided below:
[In Rs. Lakhs]
| Particulars | 12 Months period ended March 31 (Audited) |
||
| 2020 | 2019 | 2018 | |
| Total Income | 2,884.29 | 1,987.08 | 20,575.85 |
| Total Expenses (excluding depreciation) | 1,553.68 | 1,457.30 | 20,577.19 |
| Depreciation | 23.36 | 17.87 | 15.96 |
| Profit before tax | 1,306.57 | 415.35 | (3,108.35) |
| Provision for tax (including Deferred Tax) |
564.80 | 142.31 | (127.53) |
| Profit /(Loss) after tax | 741.77 | 273.04 | (171.79) |
| Equity Share Capital | 2,637.90 | *2,637.90 | 2,637.90 |
| Reserve and Surplus | 23,135.10 | 22,391.35 | 22,122.34 |
| Networth | 25,773.00 | 25,029.25 | 24,760.24 |
| Total Debt | 0.00 | *0.00 | 0.00 |
Gokul Refoils Limited Buyback Dates
| Date of Board Meeting approving the Buyback | June 16, 2020 |
| Date of publication of Public Announcement for Buyback | July 30, 2020 |
| Record Date for determining the Buyback Entitlement and the names of Eligible Shareholders | August 14, 2020 |
| Buyback Opening date | September 11, 2020 |
| Buyback Closing date | September 24, 2020 |
| Last Date of verification of Tender Forms by the Registrar | September 26, 2020 |
| Last date of intimation regarding acceptance / non-acceptance of Tendered Equity Shares to the BSE Limited by the Registrar | October 05, 2020 |
| *Last date of Settlement of Bids on the BSE Limited | October 06, 2020 |
| Last date of return of unaccepted Equity Shares by BSE Limited | October 06, 2020 |
| *Last date of Extinguishment of Equity Shares | October 13, 2020 |
Details of Public Announcement
The Public Announcement dated July 29, 2020 was published on July 30, 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. July 28, 2020:
| Publication | Language | Edition |
| Financial Express | English | All Editions |
| Jansatta | Hindi | All Editions |
| Sandesh | Gujarati | Regional Editions |
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Necessity of Gokul Refoils Limited Buyback
The Company’s management strives to increase the Equity Shareholders’ value and the Buyback would result in the following benefits, amongst other things:
- The Buyback gives an option to the equity shareholders, who can choose to participate and get cash in lieu of Equity Shares to be accepted under the Buyback or they may choose not to participate thereby and enjoy a resultant increase in their percentage shareholding, post the Buyback, without additional investment; and
- The Buyback would help in improving certain key financial ratios of the Company.
Impact of Gokul Refoils Limited Buyback on the Company
The Buyback is not likely to cause any material impact on the profitability / earnings of the Company. Assuming there is full response to the Buyback, the funds deployed by the Company towards the Buyback would be Rs. 39,48,00,000 (Rupees Thirty Nine Crore Forty Eight Lakhs only).
The Buyback is expected to result in overall enhancement of the shareholders’ value and will not in any manner impair the ability of the Company to pursue growth opportunities or meet its cash requirements for business operations.
The Buyback will not result in a change in control or otherwise affect the existing management structure of the Company.
Salient financial parameters consequent to the Buyback based on the latest audited financial statement of the Company for the half year ended March 31, 2019 are as under:
| Parameters (based on audited standalone financial statements for year ended March 31, 2020) | Pre Buy-back | Post Buy-back (Assuming Full Acceptance) |
| Net worth (Rs in Lakhs) | 25,772.99 | 21,824.99 |
| Return on Net worth (%) | 2.88 | 3.40 |
| Earnings Per Share (Rs) | 0.56 | 0.75 |
| Book Value per Share (Rs) | 19.54 | 22.05 |
| P / E as per the latest audited financial results* | 14.94 | 11.21 |
| Total Debt / Equity Ratio | – | – |
Basis of Calculating Gokul Refoils Buyback Price
The Buyback Price has been arrived at after considering various factors, such as closing market price of the equity shares of the Company on the Stock Exchanges for a period of six months preceding June 11, 2020,
The Buyback Price represents
- a premium of 11.62% and 15.34% over the average closing price of the Company’s Equity Shares on BSE and NSE for the six months preceding the Date of Notice of Buyback. A premium of 14.95% and 17.48% over the average closing price of the Company’s Equity Shares on BSE and NSE for the one month preceding the Date of Notice of Buyback.
The closing price of the Equity Shares on the Date of Notice of Buyback was Rs. 10.85 and Rs. 10.25 on BSE and NSE respectively. The closing price of the Equity Shares on June 16, 2020, being the date of meeting of the Board of Directors approving the Buyback (“Date of Board Meeting”), was Rs. 14.25 and Rs. 13.55 on BSE and NSE respectively.
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Source of Funds for the Buyback
The Equity Shares shall be bought back at a price of Rs. 12/- per Equity Share. Assuming full acceptance, the funds that would be employed by the Company for the purpose of the Buyback would be upto Rs. 39,48,00,000 (Rupees Thirty Nine Crore Forty Eight Lakhs only).
The Buyback Size of upto Rs. 39,48,00,000 (Rupees Thirty Nine Crore Forty Eight Lakhs only) represents 15.32% and 12.98% of the fully paid-up Equity Share capital and free reserves as per the latest available audited financial statements of the Company for the financial year ended March 31, 2020, on standalone and consolidated basis, respectively.
The maximum number of Shares to be bought back in the Buyback is 3,29,00,000 Equity Shares. The number of Shares to be bought back would constitute 24.94% of Equity capital of the Company, as on March 31, 2020.
This Company has confirmed that the funds for the Buyback will be made available from the current surplus and / or cash balances and / or internal accruals of the Company.
The Company does not propose raising debt for the Buyback. However, the Company may continue to borrow funds in the ordinary course of its business.
Gokul Refoils Limited – Manager to the Buyback
| Saffron Capital Advisors Private Limited 605, Sixth Floor, Centre Point, Andheri-Kurla Road, J. B. Nagar, Andheri (East), Mumbai – 400 059 Tel No.: +91 22 4082 0914/915; Fax No.: +91 22 4082 0999; E-mail: buybacks@saffronadvisor.com; Website: www.saffronadvisor.com; Investor grievance Id: investorgrievance@saffronadvisor.com; SEBI Registration Number: INM000011211; Contact Person: Mr. Amit Wagle / Mr. Gaurav Khandelwal |
Gokul Refoils Limited – Registrar to the Buyback
|
Cameo Corporate Services Limited
“Subramanian Building”, No.1, Club House Road, Chennai – 600 002, Tamilnadu, India Tel: +91 44 4002 0700; Fax: +91 44 2846 0129 Email: investor@cameoindia.com Website: www.cameoindia.com SEBI Registration: INR000003753 Contact Person: Ms. Sreepriya. K |
Gokul Refoils Limited Contact Details
| Company Contact Details |
| GOKUL REFOILS AND SOLVENT LIMITED (Corporate Identification Number: L15142GJ1992PLC018745) Registered Office: State Highway No. – 41, Near Sujanpur Patia, Sidhpur -384151, Dist. Patan, Gujarat, India; Corporate Office: “Gokul House”, 43, Shreemali Co-op. Housing Society Ltd., Opp. Shikhar Building, Navrangpura, Ahmedabad – 380 009, Gujarat, India; Tel. No.: +91 79 66304555/ 66615253/54/55; Email: abhinav.mathur@gokulgroup.com; Website: www.gokulgroup.com; Contact Person: Mr. Abhinav Mathur, Company Secretary and Compliance Officer |
Gokul Refoils Limited Buyback News
News 1 – Buyback PDF / Draft Letter of Offer [Download]
News 2 – Gokul Refoils Ltd – Public Announcement
FAQs of Gokul Refoils Buyback
What is the Gokul Refoils Buyback Period?
Gokul Refoils Buyback Period is briefly the time interval starting from the date of declaration of results of the postal ballot through remote e-voting i.e. FRIDAY. SEPTEMBER 11. 2020. The period basically ends on the date of payment of consideration to Eligible Shareholders who participated in the Buyback, i.e. THURSDAY.SEPTEMBER 24,.2020.
What type of buyback is Gokul Refoils Buyback?
This company has chosen the route of Tender offer to repurchase the shares from the eligible shareholders. Tender offer route is one of the Two Routes generally chosen by the companies, i.e. Tender Offer and Open Market Through Stock Exchanges.
What is the Gokul Refoils Buyback Offer?
Gokul Refoils Buyback Offer refers to the number of shares the company plans to buy back from the eligible shareholders. Herein, the company proposes to buyback 3,29,00,000 Fully paid up Equity shares, adhering to the buyback price.
When Gokul Refoils Buyback offer will start?
As per the released schedule, the Gokul Refoils Buyback offer will start on FRIDAY. SEPTEMBER 11. 2020. This is the opening date from when the Buyback will open for all shareholders. You will find the updated records of Gokul Refoils Buyback at all times, we ensure you have access to the right data.
When is the closing date of Gokul Refoils Buyback?
For ease in access to the dates and related aspects, we have segregated the closing date of Gokul Refoils Buyback. The buyback would close on THURSDAY.SEPTEMBER 24,.2020. The closing date is the last day for which the Buyback shall be open for the shareholders.
What is the offer price for Gokul Refoils Buyback?
The amount at which the shares are taken back by the company is referred to as Gokul Refoils Buyback offer price. Herein, each and every fully Paid-up equity share is priced at Rs.12, the price paid to each eligible shareholder.
What is the record date for Gokul Refoils Buyback offer?
Record date of Gokul Refoils Buyback is August 14, 2020. Record date is generally the day when eligible shareholders are declared. Furthermore, complying with Buyback regulations, letter of offer and Tender form is sent to the eligible shareholders.
What is the issue size of Gokul Refoils Buyback?
Gokul Refoils Buyback Size is Rs.39,48,00,000 and is the total worth of Equity Shares the company plans on taking back. This amount is obtained from the total number of equity shares, multiplied by the Buyback price.
What is the necessity for Gokul Refoils Buyback?
The Buyback gives an option to the equity shareholders, who can choose to participate and get cash in lieu of Equity Shares to be accepted under the Buyback or they may choose not to participate thereby and enjoy a resultant increase in their percentage shareholding, post the Buyback, without additional investment; and
Who is the Registrar to Gokul Refoils Buyback offer?
The designated registrar of Gokul Refoils Buyback is Cameo Corporate Services Limited. You can find all the details related to the registrar in this report and contact them if you have any queries. You can check the details of the registrar, contact person, email address and more.
Who is the Manager to the Gokul Refoils Buyback offer?
Manager to the Gokul Refoils Buyback is Saffron Capital Advisors Private Limited. Manager basically ensures that the company following up buyback strictly adheres to and in conformity with the provisions of the Companies Act and Buyback Regulations.
How to check Gokul Refoils buyback acceptance ratio?
Acceptance ratio is basically the proportion of shares the company accepts, to the final number of shares tendered. It refers to how much the company would buyback and how profitable it would be for you. You can also check how much profit (%) you will earn. Click on the link and check on the website page.
Where to find Gokul Refoils Buyback Dates / Events?
You can check the table for the list of events, as designed for the buyback. This article is your one and final destination to check all the Gokul Refoils Buyback information. You will encounter a section exclusively set to record the dates, in this article, referred to as Gokul Refoils Buyback Dates.
What can be the Impact of Gokul Refoils Buyback on the Company?
The Buyback will not in any manner impair the ability of the Company to pursue growth opportunities or meet its cash requirements for business operations. The Buyback is expected to contribute to the overall enhancement of shareholder value and result in an increase in the return on equity of the Company. This Buyback is being undertaken, inter alia, for helping the Company to return surplus cash to the Eligible Shareholders broadly in proportion to their shareholding.
Where to find complete details on Gokul Refoils Buyback?
As mentioned already, this page would give you every single detail about this buyback. Also, you find the link to download the Draft / Letter of Offer. Each and every section is vividly and carefully placed, giving you insights into all major as well as minor aspects of the ratio. The article is also inclusive of all the links.
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