The buy-back would involve reservation for small shareholders, which will be 15% of the number of equity shares that the company proposes to buyback, or their entitlement, whichever is higher. The company will adopt the tender offer route for the purpose of buy-back. The board approved the buyback offer at their meeting held on August 4, 2017.
The aggregate paid-up share capital and free reserves of the company as on March 31, 2017 was Rs 24,612.12 million and under the provisions of the act, the funds deployed for buy-back shall not exceed 10% of the paid-up capital and free reserves of the company.
The promoters hold 56.08% of equity shares in the total paid up equity share capital of the company as on the date of public announcement and the post buy-back holding of the promoters in the company may increase from the current or present 56.08% to 56.19% of equity shares in the total paid up equity share capital.
ICICI Securities has been appointed as the manager to the buyback offer which is going to open for subscription on September 19, 2017 and will close on October 3, 2017.
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