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 Takeover, Buy Back and De-listing 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. 20170210-16 dated Feb 10, 2017, 20190424-35 dated April 24, 2019 and 20200528-32 dated 28 May 2020, 20201102-43 dated Nov 02, 2020 and 20210825-62 dated Aug 25,2021 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 Tips Industries Limited (“The Company”) has announced an Offer to Buyback up to 1,26,000 (One Lakh Twenty Six Thousand) fully paid-up equity shares of the Company of face value of Rs.10/- (Rupees Ten only) each (“Equity Shares”), representing up to 0.97% of the total number of issued and paid up Equity Shares of the Company, from all the Equity Shareholders/beneficial owners of the Company who holds Equity Shares as on the record date i.e.Friday, December 30, 2022 (“Record Date”), on a proportionate basis, through the tender offer route using stock exchange mechanism (“Tender Offer”), at a price of Rs.2,600/- (Rupees Two Thousand Six Hundered Only) per Equity Share (“Buyback Price”) for an aggregate amount of up to Rs.32,76,00,000/- (Rupees Thirty Two Crores Seventy Six Lakhs only) (“Buyback Size”) excluding the Transaction Cost (as defined below) (“Buyback”), from January 27, 2023, 2022 to February 09, 2023.
Letter of Offer is herewith attached for perusal.
Market participants are further requested to note that this offer will be as per the SEBI circular no. CIR/CFD/POLICYCELL/1/2015 dated April 13, 2015 and SEBI circular no. CFD/DCR2/CIR/P/2016/131 dated Dec 09, 2016 and Exchange notice no. 20170210-16 dated Feb 10, 2017, 20190424-35 dated April 24, 2019 and 20200528-32 dated 28 May 2020 and the details of this Offer to Buy would be available on BSE Website – www.bseindia.com.
Mangesh Tayde
Assistant General Manager
Listing Sales & Ops
January 20, 2023 |