Atul Ltd 2020-21

218 Atul Ltd | Annual Report 2020-21 Note 29.12 Leases (continued) b) As a lessor i) Operating lease T he Group has entered into operating leases on its office buildings and land. These are cancellable by the Group, having a term between 11 months and three years and have no specific obligation for renewal. Rents received are recognised in the Consolidated Statement of Profit and Loss as lease income in Note 23 ‘Other income’. ii) Finance lease The Group has given a building on finance lease for a term of 30 years and a machine for a term of 10 years. F uture minimum lease payments receivable under finance leases, together with the present value of the net minimum lease payments (MLP), are as under: ( ` cr) Particulars As at March 31, 2021 As at March 31, 2020 MLP receivable Present value of MLP receivable MLP receivable Present value of MLP receivable Not later than 1 year 0.56 0.54 - - Later than 1 year and not later than 5 years 1.84 1.42 0.40 0.35 Later than 5 years 3.34 1.62 1.80 0.85 Total MLP receivable 5.74 3.58 2.20 1.20 Less: unearned finance income 2.16 - 1.00 - Present value of MLP receivable 3.58 3.58 1.20 1.20 Less: allowance for uncollectible lease payments - - - - 3.58 3.58 1.20 1.20 Note 29.13 Rounding off Figures less than ` 50,000 have been shown at actual in brackets. Note 29.14 Buy-back of shares In accordance with the provisions contained in the SEBI (Buy-back of Securities) Regulations, 2018 and the Companies Act, 2013 and rules made thereunder, the Board of Directors in its meeting held on January 29, 2021, approved a proposal to buy-back fully paid-up equity shares of face value of ` 10 each of the Company, at a price not exceeding ` 7,250 per equity share (maximum buy-back price) and for an amount not exceeding ` 50 cr (maximum buy-back size) from the open market through stock exchange mechanism. The buy-back of equity shares through the stock exchange commenced on February 10, 2021, and it was completed on February 19, 2021. The Company bought back and extinguished a total of 74,682 equity shares at an average buy-back price of ` 6,678.58 per equity share comprising 0.25% of the pre buy-back paid-up equity share capital of the Company. The buy-back resulted in a cash outflow of ` 49.88 cr (excluding transaction costs). The Company funded the buy-back from its free reserves. Particulars As at March 31, 2021 Date of Board meeting approving the buy-back January 29, 2021 Date of public announcement February 01, 2021 Buy-back opening date February 10, 2021 Number of shares bought back 74,682 Face value of shares bought back ` 10 Maximum buy-back price approved by the Board of Directors ` 7,250 Consideration paid towards buy-back ` 49.88 cr