|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. 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 Techno Electric & Engineering Company Limited (the “Company”), has announced Cash Offer to Buyback of not exceeding 26,82,400 (Twenty Six Lakhs Eighty Two Thousand Four Hundred Only) fully paid-up equity shares of face value of Rs. 2/- each, representing 2.38% 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. January 03, 2019 on a proportionate basis through the “Tender Offer” route at a price of Rs. 410/- (Rupees Four Hundred Ten only) per equity share for an aggregate amount of up to Rs. 109,97,84,000 (Rupees One Hundred Nine Crores Ninety Seven Lakhs Eighty Four Thousand Only) from March 29, 2019 to April 11, 2019.
Market Participants are requested to note that the window for the tendering of the Physical shares will not be available for this issue. Eligible shareholders holding shares in physical form are advised to get their shares dematerialized before tendering their equity shares in the buyback (Please refer Letter of Offer for further details).
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.
Additional General Manager
Listing Sales & Ops
March 26, 2019