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| Exchange Disseminated Time 24/11/2016 14:17:01 | Indiabulls Real Estate Ltd has informed BSE that a view to optimize returns to the shareholders without compromising on the high growth opportunities available to the Company, the Board of Directors of the Company has, at its meeting held today i.e. November 24, 2016, (which commenced at 1:00 p.m. and concluded at 1:50 p.m.), approved the proposal of Buy-back of up to 6 Cr fully paid-up equity shares of Rs. 2/- each of the Company, being 11.8% approx of existing paid-up share capital of the Company, (“Maximum Buy-back Offer Shares”) at prevailing market price on Stock Exchanges subject to a price not exceeding Rs. 90 per equity share (“Maximum Buy-back Offer Price”), which represents a premium of approx 30% to the closing price of the BSE and NSE, on the last trading date prior to the date of the board meeting i.e. November 23, 2016, aggregating up to an amount not exceeding Rs. 540 Cr., being less than 10% of total paid-up share capital and free reserves of the Company (“Maximum Buy-back Offer Size”), from the open market through the Stock Exchange mechanism, in accordance with the provisions contained in SEBI (Buy Back of Securities) Regulations, 1998. The Maximum Buy-back Offer Price has been arrived at considering market price of the equity shares of the Company during last 6 months and the present book value of the shares of the Company. The proposed buy-back will make the balance sheet of the Company leaner by reduction in the overall capital employed in its business, which in turn will lead to higher earnings per share and enhanced return on equity.
Pre Buy-back shareholding pattern of the Company, as on November 18, 2016. |
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