| 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 and no. CFD/DCR2/CIR/P/2016/131 dated Dec 09, 2016. The Exchange vide its notice no. 20170210-16 dated Feb 10, 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 Navneet Education Limited (“Company”) has announced cash Offer to buyback up to 46,87,500 (Forty Six Lakh Eighty Seven Thousand Five Hundred) fully paid-up equity shares of the Company of face value Rs. 2/- (Rupees Two Only) each (“Equity Shares”), representing up to 2.01% of the total number of outstanding 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, August 31, 2018 (“Record Date”), on a proportionate basis, through the tender offer using stock exchange mechanism (“Tender Offer”), at a price of Rs. 160/- (Rupees One Hundred Sixty Only) per Equity Share (“Buyback Price”) for an aggregate amount of upto Rs. 75,00,00,000/- (Rupees Seventy Five Crore only) (“Buyback Size”) excluding the Transaction Cost (“Buyback”) from September 24, 2018 to October 08, 2018.
Market participants are further requested to note that 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 and the details of this Offer to Buy would be available on BSE Website – www.bseindia.com.
Bhushan Mokashi
Additional General Manager
Listing Sales & Ops
September 18, 2018 |