Corporate Announcement
Security Code : 539118    Company : VRLLOG    
 
Board approves Buy-back of equity sharesDownload PDF
  Exchange Disseminated Time     03/11/2017 17:36:23
VRL Logistics Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 03, 2017, has approved a proposal to Buy-back by the Company of its fully paid up Equity Shares for an aggregate amount not exceeding Rs. 41,40,00,000 (Rupees Forty one crores forty lakhs only), (“Maximum Buy-back Size”), being 7.65% of the total paid up share capital and free reserves of the Company based on the audited financial statements of the Company as at March 31, 2017 (being the date of last audited financial statements of the Company), for a price not exceeding Rs. 460/- (Rupees Four hundred and sixty only) per Equity Share (“Maximum Buy-back Price”) from the shareholders of the Company excluding promoters, promoter group, persons acting in concert and persons who are in control of the Company, payable in cash via the open market route through the stock exchanges, in accordance with the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998, as amended (“SEBI Buyback Regulations”) and the Companies Act, 2013 and rules made thereunder, as amended (the process hereinafter referred to as the “Buy-back”). The Maximum Buy-back Size does not include any other expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India, stock exchanges fees, advisors fees, public announcement publication expenses, transaction cost viz., brokerage, applicable taxes such as securities transaction tax, stamp duty, etc., and any other incidental and related expenses (“Transaction Costs”).

At the Maximum Buy-back Price and for the Maximum Buy-back Size, the maximum number of Equity Shares bought back would be 9,00,000 (Nine Lakh) Equity Shares (“Maximum Buy-back Shares”) which is 0.99% of the total number of paid up Equity Shares of the Company.

Further, the Company shall utilize at least 50% of the amount earmarked as the Maximum Buy-back Size for the Buy-back i.e. Rs. 20,70,00,000 (Rupees Twenty Crores seventy lakhs only) (“Minimum Buy-back Size”) and based on the Minimum Buy-back Size and the Maximum Buy-back Price, the Company would purchase a minimum of 4,50,000 (Four Lakh Fifty Thousand) Equity Shares (“Minimum Buy-back Shares”) in the Buy-back.

The actual number of Equity Shares bought back during the Buy-back will depend upon the actual price excluding Transaction Costs, paid for the Equity Shares bought back and the aggregate consideration paid in the Buy-back, subject to the Maximum Buy-back Size and the Minimum Buy-back Size.

The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the SEBI Buyback Regulations. The dates of the Buy-back offer will be mentioned in the public announcement. The Company has formed a Buy-back committee to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient, usual or proper in connection with the Buy-back.
 

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