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| Exchange Disseminated Time 25/11/2016 17:22:38 | Indiabulls Real Estate Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 24, 2016, has :
RESOLVED THAT in accordance with the provisions of Article 12 of the Articles of Association of the Company, Provisions of the Section 68, 69 and 70 and all other applicable provisions, if any, of the Companies Act, 2013 (“Act”), read with relevant Rules made thereunder, and the provisions of the Securities and Exchange Board of India (Buy - Back of Securities) Regulations, 1998 (hereinafter referred to as "the Buy-back Regulations11) (including any statutory modification(s) or re-enactment of the said Act or Rules framed there under from time to time or the Buy-back Regulations, for the time being in force) and subject to such approvals, permissions and sanctions as may be necessary and further subject to such conditions and modifications as may be prescribed or imposed while granting such approvals, permissions and sanctions which may be agreed to by the Board of Directors of the Company (hereinafter referred to as “the Board” which expression shall be deemed to include a Committee of the Board and/or officials, as may be authorized by the Board/Committee to exercise its powers, including the powers conferred by this resolution), the consent of the Board be and is hereby accorded for the Company to purchase or buy back its fully paid-up equity shares of the face value of Rs. 2 each for an amount not exceeding Rs. 540 crores (excluding brokerage costs, charges, taxes such as securities transaction tax, service tax and relevant stamp duty etc), being less than 10% of the Company’s paid-up capital and free reserves (“Maximum Buy-back Offer Size”), at prevailing market price on the Stock Exchanges as at the time of Buy-back subject to the maximum price not exceeding Rs. 90/- per equity share (“Maximum Buyback Offer Price”) (herein after referred to as the “Buy-back”). |
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