| Opening of Offer to Buy – Acquisition Window (Buyback) for Navneet Education 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. The Exchange vide its notice no. 20150930-1 dated September 30, 2015, 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 Navneet Education Limited (“Company”), has announced cash offer to Buyback up to 46,57,000 (Forty Six Lakh Fifty Seven Thousand) fully paid-up equity shares of the Company of face value Rs.2/- (Rupees Two only) each (“Equity Shares”), representing up to 1.95% of the total number of outstanding Equity Shares of the Company, from all the equity shareholders/beneficial owners of the Navneet Education Limited who holds Equity Shares as on the record date i.e. Friday, November 25, 2016 (“Record Date”), on a proportionate basis, through the tender offer using stock exchange mechanism (“Tender Offer”), at a price of Rs. 125/- (Rupees One Hundred Twenty Five Only) per Equity Share (“Buyback Price”) for an aggregate amount of upto Rs. 58,21,25,000 /- (Rupees Fifty Eight Crore Twenty One Lakh and Twenty Five Thousand only) (“Buyback Size”) from December 22, 2016 to January 04, 2017.
Market participants are further requested to note that the details of this Offer to Buy would be available on BSE Website – www.bseindia.com.
Bhushan Mokashi
Dy. General Manager
Listing Sales & Ops
December 19, 2016
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