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| Exchange Disseminated Time 08/02/2017 15:42:01 | The Ramco Cements Ltd has submitted to BSE a copy of the resolution passed at the Board Meeting held on February 07, 2017.
"Resolved that in accordance with the provisions contained in Article 56 of the Articles of Association of the Company, Sections 68, 69, 70 and other applicable provisions, if any, of the Companies Act, 2013 (the "Act"), the Companies (Share Capital and Debentures) Rules, 2014 ("Rules") to the extent applicable and the provisions contained in the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998, ("Buy Back Regulations") (including any statutory modification(s) or re-enactment of the Act, for the time being in force) and subject to such other approvals, permissions and sanctions 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 (herein referred to as the Board which term shall be deemed to include any committee which the Board may constitute to exercise its powers, including the powers conferred by this resolution), the consent of the Board of Directors of the Company be and is hereby accorded to purchase the Company's own fully paid equity shares of Rs.1/- each for an amount not exceeding Rs.180 Crores, ("Maximum Buy Back Size") being 6.07% of paid up share capital and free reserves as on March 31, 2016 (being the date of the last audited financial statements of the Company), for a price not exceeding Rs. 720/- (Rupees Seven hundred twenty only) per equity share (hereinafter referred to as ("Maximum Buy Back Price") from its existing shareholders, other than those who are promoters, promoter group, persons acting in concert, persons who are in control of the Company, payable in cash through the open market purchases method on the stock exchanges(s) (this process being referred to as "Buy Back"). The Maximum Buy Back Size and Maximum Buy Back Price does not include associated costs viz., brokerage costs, Securities and Exchange Board of India ("SEBI") turnover charges, taxes such as securities transaction tax, service tax and relevant stamp duty (collectively referred as "Transaction Costs")." |
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