ELEGANT MARBLES & GRANI INDUSTRIES LTD. - Board approves Buy-back of Equity Shares
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| 28 Nov 2017 | |
| Elegant Marbles & Grani Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 28, 2017, inter alia, has unanimously approved the following :<BR><BR>- Approved a proposal to Buyback up to 8,40,000 Equity Shares (Eight Lakhs and Forty Thousand Only) of the Company for an aggregate amount not exceeding Rs. 17,22,00,000/- (Seventeen Crores and Twenty Two Lakhs Only) (hereinafter referred to as the "Buyback Size"), and being within 25% total paid up equity share capital and free reserves of the Company as at March 31, 2017, at a price of Rs. 205/- (Two Hundred and Five only) per Equity Share (hereinafter referred to as the "Buyback Price") from all existing shareholders of the Company on the record date fixed for the said purpose, on a proportionate basis through "Tender Offer" route in accordance with the provisions contained in the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 ("Buyback Regulations") (including any statutory modification(s) or re-enactment of the Act or Buyback Regulations, for the time being in force) and the Companies Act, 2013 and rules made thereunder. The Buyback Size, excludes transaction costs viz. brokerage, applicable taxes such as securities transaction tax, service tax, stamp duty etc ("Transaction Costs"). At Buyback price, the Buyback translates into 8,40,000 Equity Shares (Eight Lakhs and Forty Thousand Only) of the Company, representing 18.67% of the total paid up equity share capital of the Company as at March 31, 2017. | |
| View all announcements for ELEGANT MARBLES & GRANI INDUSTRIES LTD. | Source: BSE India |
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