182 Atul Ltd | Annual Report 2021-22 Note 28.16 Offsetting financial assets and liabilities The Company has not offset any financial asset and financial liability. It offsets a financial asset and a financial liability when it currently has a legal enforceable right to set-off the recognised amounts and it intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. a) Master netting arrangements – not currently enforceable Agreements with derivative counterparties are based on an ISDA Master Agreement. Under the terms of these arrangements, only where certain credit events occur (such as default ), the net position owing | receivable to a single counterparty in the same currency will be taken as owing and all the relevant arrangements are considered as terminated. As the Company does not presently have a legally enforceable right of set-off, these amounts have not been offset in the Standalone Balance Sheet. b) Collateral against borrowings The Company has hypothecated | mortgaged assets as collateral against a number of its sanctioned line of credit (refer Note 17(c) for further information on assets hypothecated | mortgaged as security). In case of default as per borrowing arrangement, such collateral can be adjusted against the amounts due. Note 28.17 Dividend on equity shares Dividend on equity shares declared and paid during the year: (` cr) Particulars As at March 31, 2022 As at March 31, 2021 Final dividend of ` 20.00 per share for the year 2020-21 (2019-20: ` nil) 59.17 - 59.17 - Note 28.18 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 buyback fully paid-up equity shares of face value of ` 10 each of the Company, at a price not exceeding ` 11,000 (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 dates April 07, 2022 February 10, 2021 Number of share bought back * 74,682 Face value of shares bought back ` 10 ` 10 Maximum buy-back price approved by the Board of Directors ` 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.
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