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| Exchange Disseminated Time | Axis Bank Ltd ("Managet to the Buy back Offer") on behalf of Kanoria Chemicals & Industries Ltd ("Target Company") has submitted to BSE a Copy of Post Buy back Offer to the Equity Shareholders / Beneficial Owners of Equity Shares of the Target Company.
A. The Buy back:
The Target Company had announced the buy-back (“the Buyback”) of fully paid up equity shares of Rs. 5 each of the Company, from the existing owners/ beneficial owners of the equity shares of the Company from the Open Market through the Stock Exchanges using the electronic trading facilities of The BSE Limited (“BSE”) and The National Stock Exchange of India Limited (“NSE”) in accordance with Section 77A, 77AA and 77B of the Companies Act, 1956 and the SEBI (Buyback of Securities) Regulations 1998 and subsequent amendment thereto, at a maximum price not exceeding Rs. 42 per equity share ("Maximum Buyback Price") payable in cash for an aggregate amount not exceeding Rs. 50.40 crores excluding brokerage costs, SEBI turnover charges, taxes such as securities transaction tax, service tax and relevant stamp duty ("Transaction Costs") for the Buyback ("Maximum Buyback Size"). A Public Announcement (“PA”) dated August 17, 2012 was published on August 18, 2012. A notice of closure was issued to stock exchanges an February 08, 2013.
The Buyback commenced on September 04, 2012 and closed on February 28, 2013. Till closure of Buyback, the Company has utilized 98.06 % of Maximum Buyback Size authorized for the Buyback.
The total number of equity shares bought back under the Buyback is 12,603,167 equity shares of Rs. 5 each (subject to close outs and credit in the Company’s DP account). The Company has extinguished 11,055,768 equity shares till date and is in the process of extinguishing the balance 1,547,399 equity shares out of the equity shares bought back.
B. Details of the Buy back:
The total amount utilized in the Buyback of equity shares is approximately Rs. 49.42 crores which excludes brokerage costs, SEBI turnover charges, taxes such as securities transaction tax, service tax and relevant stamp duty.
The price at which 12,603,167 equity shares were bought back was dependent on the price quoted on NSE and BSE. The equity shares were bought back at an average price of Rs. 39.21 per equity share.
The equity shares were bought in the demat segment from the Stock Exchanges. As the offer for the Buyback of the equity shares of the Company was from the Open Market through Stock Exchange(s), the identity of shareholders from whom equity shares exceeding one percent ol the total equity shares bought in the Buyback is not known. |
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