Coimbatore (Tamil Nadu), July 12 -- : KPR Mill Ltd, one of the largest vertically integrated apparel manufacturing companies in the country, has withdrawn its buyback proposal of Rs 263 crore after the government last week imposed an additional tax of 20 per cent in case of repurchase of shares by Indian listed companies.
"We have today filed with SEBI our communication conveying that the increase in the amount of buyback obligation due to the tax proposal in the Finance Bill 2019 was neither contemplated nor prevailing at the time of the consideration and the approvals of the board and shareholders," it said in a statement.
KPR becomes the first company to cancel its buyback post the Budget announcement of buyback tax extended to listed ...