| Opening of Offer to Buy – Acquisition Window (Buyback) for Techno Electric & Engineering Company Limited |
Trading Members and Custodians are requested to note that Securities Exchange Board of India (SEBI) has issued Mechanism for acquisition of shares through Stock Exchange pursuant to Tender-Offers under Takeovers, Buy Back and vide its circular no. CIR/CFD/POLICYCELL/1/2015 dated April 13, 2015 and no. CFD/DCR2/CIR/P/2016/131 dated Dec 09, 2016. The Exchange vide its notice no. 20170202-34 dated Feb 02, 2017, has issued Revised Guidelines of Mechanism for acquisition of shares through Stock Exchange pursuant to Tender-Offers under Takeovers, Buy Back and Delisting.
All Market Participants are hereby informed that Techno Electric & Engineering Company Limited (The “Company”), has announced Cash offer to buyback not exceeding 15,00,000 (Fifteen Lakhs Only) fully paid up equity shares of face value of Rs. 2/- each representing 1.31% of the present outstanding equity shares of the Company from all the existing public shareholders/beneficial owners of the Company as on the record date i.e. March 03, 2017 on a proportionate basis through the tender offer route at a price of Rs. 400/- (Rupees Four Hundred Only) per equity share for an aggregate amount of Rs. 60,00,00,000/- (Rupees Sixty Crores Only) from March 17, 2017 to March 31, 2017.
Market participants are further requested to note that since public announcement for this Offer was issued prior to 2nd January, 2017, the SEBI circular no. CFD/DCR2/CIR/P/2016/131 dated Dec 09, 2016 is not applicable for this offer. However Trading Members and Custodians are requested to note that the early pay-in mechanism for Shareholders for this offer will be as per the Revised Guidelines of SEBI circular no. CFD/DCR2/CIR/P/2016/131 dated Dec 09, 2016 and Exchange notice no. 20170210-16 dated Feb 10, 2017.
The details of this Offer to Buy would be available on BSE Website – www.bseindia.com.
Bhushan Mokashi
Dy. General Manager
Listing Ops & Sales
March 14, 2017
|