251 Statutory Reports 24 - 109 Financial Statements 110 - 263 Corporate Overview 01 - 23 Note 29.12 Leases (continued) b) As a lessor i) Operating lease The 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. Future 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, 2022 As at March 31, 2021 Minimum lease payments receivable Present value of MLP receivable Minimum lease payments receivable Present value of MLP receivable Not later than 1 year 0.91 0.87 0.56 0.54 Later than 1 year and not later than 5 years 4.07 3.15 1.84 1.42 Later than 5 years 5.50 2.87 3.34 1.62 Total MLP receivable 10.48 6.89 5.74 3.58 Less: unearned finance income 3.59 - 2.16 - Present value of MLP receivable 6.89 6.89 3.58 3.58 Less: allowance for uncollectible lease payments - - - - 6.89 6.89 3.58 3.58 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 in its meeting held on March 25, 2022 (2020-21: January 29, 2021) has 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 ` 11,000 per equity share (2020-21: ` 7,250 per equity share) (maximum buy-back price) and for an amount not exceeding ` 70 cr (2020-21: ` 50 cr) (maximum buy-back size) from the open market through stock exchange mechanism. Particulars As at March 31, 2022 As at March 31, 2021 Date of Board meeting approving the buy-back March 25, 2022 January 29, 2021 Date of public announcement March 29, 2022 February 01, 2021 Buy-back opening date April 07, 2022 February 10, 2021 Number of shares bought back * 74,682 Face value of shares bought back ` 10 ` 10 Maximum buy-back price approved by Board ` 11,000 ` 7,250 Transferred to capital redemption reserve - ` 0.07 cr Consideration paid towards buy-back * ` 49.88 cr *Buy-back process to be completed in Q1 2022-23.
RkJQdWJsaXNoZXIy MjA2MDI2