ASSCHER ENTERPRISES LIMITED BUYBACK
ABOUT ASSCHER ENTERPRISES LIMITED
Incorporated on July,24, 1995 Asscher Enterprise Limited was previously known as Indian Seamless Enterprise Limited. The corporate headquarters of the Company are in Pune, Maharashtra. The company is engaged in Trading, Investment, Leasing and Services.
NOTICE OF ASSCHER ENTERPRISES LIMITED
As per the Postal ballot Notice Company has considered the buyback of equity shares of the company and the same is pending shareholders’ approval. The recipients of this postal ballot notice are the members whose names appear on the register of members or list of beneficial owners as received from the National Securities Depository Limited (“NSDL”) and Central Depository Services (India) Limited (“CDSL”), as of January 13, 2023 (“Cut-off Date,” and whose email addresses are registered with the Company/depository participant. The remote e-voting session runs from 9:00 a.m. (IST) on Wednesday, January 18, 2023, until 5:00 p.m. (IST) on Thursday, February 16, 2023. Upon completion of the review of the votes cast using remote e-voting, the scrutinizer will deliver the report to the company’s chairman or any other person designated by him. The results of the Postal Ballot will be announced at or before 5.00 p.m. (IST) on Sunday, February 19, 2023.
OBJECTIVE OF THE BUYBACK
- Enhance shareholder value by utilizing surplus cash available with the Company,
- To optimize return to the shareholders &
- To provide an exit route to the shareholders.
ASSCHER ENTERPRISES LIMITED BUYBACK PRICE
The Buyback Price has been set at Rs 283/- (Rupees Two Hundred Eighty-Three only) per Equity Share. This figure was determined after taking into account a number of variables, including the effect on net worth and cash flows, among others.
MAXIMUM NUMBER OF SECURITIES THAT THE COMPANY PROPOSES TO BUYBACK
The Company plans to repurchase fully paid-up securities worth up to 10,62,000 (ten lakhs sixty thousand only). Equity Shares, each having a face value of Rs.10 (Rupee 10).
THE BUYBACK, ITS PERCENTAGE OF THE TOTAL PAID-UP EQUITY CAPITAL AND FREE RESERVES, AND THE SOURCES
The Board has proposed a maximum limit of INR 30,05,46,000 (Indian Rupees Thirty Crore Five Lakh Forty-Six Thousand Only), which is less than 25% of the Company’s total paid-up equity share capital and free reserves as of its most recent audited financial statements for the fiscal year that ended on November 30, 2022. The Company’s Free Reserve and/or Securities Premium Account will provide the necessary funds for the buyback.
The money needed to carry out the proposed buyback will come from the company’s free reserves (retained earnings) and Securities Premium Account, as allowed by the Act.
The Company will transfer an amount equal to the nominal value of the purchased equity shares back to the Capital Redemption Reserve Account from its free reserves, and the specifics of this transfer will be revealed in its upcoming audited financial statements.
No money will be borrowed from banks or other financial institutions for the purpose of the buyback.
TIME LIMIT FOR COMPLETING BUYBACK
After the special resolution approving the proposed Buyback has been passed, the proposed Buyback will be complete within a year.
ASSCHER ENTERPRISES LIMITED COMPANY INFORMATION
| BOARD OF DIRECTORS | Mr. N.V.Karbhase -Whole Time Director
Mr. Gurdip Singh Sambhi -Director Mr. R. Ramjee- Director Mr. V. Ravetkar-Director |
| CHIEF FINANCIAL OFFICER (CFO) | Ms. Shweta Shivhare (till 30th September 2020) |
| COMPANY SECRETARY | Ms. Radhika Shidore, Ms. Anchal Jaiswal |
| AUDITORS | M/s.V.K.Paradkar & Co. Chartered Accountants |
| BANKERS | Bank of India, IDBI Bank Ltd. |
| SHARE TRANSFER AGENTS | Link Intime India Private Limited (Formerly Known as Sharex Dynamic (India) Pvt. Ltd.) C-101,247 Park, LBS Marg, Vikhroli West, Mumbai 400083 |
| REGISTERED OFFICE | 503, 5th Floor, Lunkad Sky Station Co-op Premises Society, Viman Nagar, Pune-411 014 Phone:020 41255662, Fax: 020 26630779 |
| CIN | U2900PN1995PLC090946 |
| ISIN | (i) Fully Paid up Shares INE390E01019
(ii) Partly Paid-up Shares IN9390E0107 |
| WEBSITE | www.isel.co.in
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| rnt.helpdesk@linkintime.co.in |