Sinclairs Hotels Limited announces an Equity Buyback for 1,520,000 shares, representing 5.6% for INR 304 million.
August 10, 2023 at 08:15 am
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Sinclairs Hotels Limited (BSE:523023) announces a share repurchase program. Under the program, the company will repurchase up to 1,520,000 shares, representing 5.6% of its issued share capital for INR 304 million. The shares will be repurchased at a price of INR 200 per share. The purpose of the offer is to return surplus funds to the shareholders thereby enhancing the overall return to the shareholders, to improve financial ratios like return on equity, to provide an option to the shareholders to either participate in the buyback and get cash in lieu of their shares or not participate in the buyback and enjoy an increase in their percentage shareholding post the buyback, without additional investment and to optimize capital structure. The repurchases will be funded from free reserves of the Company and securities premium account or such other sources as may be permitted by the SEBI Buyback Regulations or
the Companies Act. The company has fixed September 29, 2023, as the Record Date. The buyback is subject to approval of Members of the Company by way of Special Resolution passed through Postal Ballot. The offer will commence from October 6, 2023, and will be valid till October 12, 2023. As of August 4, 2023, the company had 27,150,000 shares in issue.
Sinclairs Hotels Limited is an India-based company, which owns and operates hotels and resorts at Burdwan, Darjeeling, Dooars, Kalimpong, Siliguri, Gangtok, Ooty and Port Blair. The Company focuses on the hospitality industry. Its hotels and resorts include Sinclairs Siliguri, Sinclairs Darjeeling, Sinclairs Retreat Dooars, Sinclairs Bayview Port Blair, Sinclairs Retreat Ooty, Sinclairs Retreat Kalimpong, Sinclairs Tourist Resort Burdwan and Sinclairs Gangtok. Sinclairs Siliguri is a luxury hotel equipped with modern amenities and it offers rooms and suites over two levels. Sinclairs Darjeeling offers approximately 46 rooms and suites. Sinclairs Retreat Dooars is a resort, which features approximately 66 rooms and three suites in cottage-style accommodation, and its recreational facilities include a children's park, library and an organic farm. Sinclairs Bayview Port Blair offers approximately 46 rooms and suites. Sinclairs Retreat Ooty is a resort that offers rooms, suites and villas.
SINCLAIRS HOTELS LIMITED 
