NATIONAL ALUMINIUM CO.LTD. - Board approves Buy back of equity shares
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| 25 May 2016 | |
| National Aluminium Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 25, 2016, inter alia, has unanimously:<BR><BR>1. Approved the alteration of articles of association of the Company to empower the Company to buyback its shares, subject to approval of the shareholders of the Company by way of a special resolution through Postal Ballot.<BR><BR>2. Approved the proposal to buyback of not exceeding 64,43,09,628 (Sixty Four Crore Forty Three Lakh Nine Thousand Six Hundred and Twenty Eight) equity shares of the Company (representing 25% of the total number of equity shares in the paid-up share capital of the Company) at a price of Rs. 44/- (Rupees Forty Four only) per equity share payable in cash for an aggregate consideration not exceeding Rs. 2834,96,23,632/- (Rupees Two Thousand Eight Hundred Thirty Four Crore Ninty Six Lakhs Twenty Three Thousand Six Hundred Thirty two only), which is not exceeding 25% of the aggregate of the fully paid-up share capital and free reserves as per the audited accounts of the Company for the financial year ended March 31, 2015(the last audited financial statements available as on the date of Board meeting recommending the proposal of the Buyback) from all the equity shareholders of the Company, as on the record date, on a proportionate basis through a Tender Offer route in accordance with the Companies Act, 2013, the Companies (Management and Administration) Rules, 2014, the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998(the "Buyback"), subject to the approval of the shareholders of the Company by way of a special resolution through Postal Ballot and all other applicable statutory approvals.<BR><BR>The Board of Directors noted the intention of the Promoter of the Company to participate in the proposed Buyback. | |
| View all announcements for NATIONAL ALUMINIUM CO.LTD. | Source: BSE India |
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