252 Annual Report 2023-24 Atul Ltd 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 machines 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, 2024 As at March 31, 2023 MLP receivable Present value of MLP receivable MLP receivable Present value of MLP receivable Not later than one year 0.91 0.87 1.11 1.07 Later than one year and not later than five years 4.04 3.12 4.05 3.11 Later than five years 3.51 1.98 4.42 2.37 Total MLP receivable 8.46 5.97 9.58 6.55 Less: unearned finance income 2.49 - 3.03 - Present value of MLP receivable 5.97 5.97 6.55 6.55 Less: allowance for uncollectible lease payments - - - - 5.97 5.97 6.55 6.55 Note 30.13 Rounding off Figure less than ` 50,000 have been shown as ‘0.00’ in the relevant notes in these Consolidated Financial Statements. Note 30.14 Buy-back of shares In accordance with the provisions contained in the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 and the Companies Act, 2013 and rules made thereunder, the Board in its meeting held on November 07, 2023 (2022-23: March 25, 2022) 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 ` 7,500 (2022-23: ` 11,000) per equity share (maximum buy-back price) and for an amount not exceeding ` 50 cr (2022-23: ` 70 cr) (maximum buy-back size) from the open market through stock exchange mechanism. Particulars As at March 31, 2024 As at March 31, 2023 Date of Board meeting approving the buy-back November 07, 2023 March 25, 2022 Date of public announcement November 09, 2023 March 29, 2022 Buy-back opening dates November 21, 2023 April 07, 2022 Buy-back closing dates January 01, 2024 May 09, 2022 Number of share bought back 72,000 73,296 Face value of shares bought back ` 10 ` 10 Maximum buy-back price approved by the Board of Directors ` 7,500 ` 11,000 Transferred to capital redemption reserve ` 0.07 ` 0.08 Average buy-back price ` 6,934.70 ` 9,536.31 Consideration paid towards buy-back (excluding tax on buy-back and transaction costs) ` 49.93 ` 69.9 Note 30.12 Leases (continued)
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