Corporate Announcement
Security Code : 524208    Company : AARTIIND    
 
Board approves Buyback of equity sharesDownload PDF
  Exchange Disseminated Time     10/17/2016 6:40:37 PM
Aarti Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 17, 2016 has approved the buyback up to 12,00,000 fully paid-up equity shares of face value of Rs. 5/- (Rupees Five Only) each of the Company (“Equity Shares”) representing up to 1.44% of the total number of Equity Shares of the Company at a price of Rs. 800/- (Rupees Eight Hundred Only) per Equity Share (“Buyback Price”) (including premium of Rs. 795/- per Equity Share) payable in cash for an aggregate amount of up to Rs. 96,00,00,000/- (Rupees Ninety Six Crore Only) (excluding transaction costs viz. brokerage, securities transaction tax, service tax, stamp duty, etc.) (“Buyback Size”), which is 9.62% of the fully paid-up equity share capital and free reserves (including securities premium) as per the latest audited balance sheet of the Company for the financial year ended March 31, 2016, on standalone basis, on a proportionate basis through the “tender offer” as prescribed under the Buyback Regulations, to all of the equity shareholders/ beneficial owners who hold Equity Shares on the Record Date (“Buyback”). The Buyback Size does not include any expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India, fees and charges payable to Stock Exchanges, public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses.

Members of the Promoter and Promoter Group of the Company have indicated their intention to participate in the proposed buyback.

The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations. The Company has formed a Buyback 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 proposed buyback.

The meeting of the Board of Directors commenced at 5.00 p.m. and concluded at 6.00 p.m.
 

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