Enam Securities Pvt Ltd ("Manager to the Buyback") on behalf of Merck Ltd ("Target Company") has issued this Post Offer Public Announcement ("PA") to the Equity Shareholders / Beneficial Owners of equity shares of the Target Company, which is in continuation of & should be read in conjunction with the Public Notice dated May 20, 2009 was published on May 22, 2009, a Public Announcement ("PA") dated May 28, 2009 was published on May 29, 2009. A notice of closure was issued on May 19, 2010.
This Announcement is regarding completion of Buy-back offer in compliance with Regulation 19(7)of the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 and subsequent amendments thereof.
A. The Buy back
1. The Target Company had announced the buy-back ("Buyback") of fully paid up Equity Shares of Rs. 10/-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 Bombay Stock Exchange ("BSE") and The National Stock Exchange of India Ltd ("NSE") in accordance with Sections 77A, 77AA and 77B of the Companies Act, 1956 and the SEBI (Buy-Back of Securities) Regulations 1998 at a maximum price not exceeding Rs. 435 per Equity Share ("Maximum Buyback Price") payable in cash for an aggregate amount not exceeding Rs 451.1 million (Rupees Four Hundred and fifty one million and one lakh only) ("Maximum Buyback Size").
2. The Buyback commenced on June 10, 2009 and closed on May l9, 2010 i.e. the last date for the Buyback inclusive of payment obligations. Till closure of Buyback, the Company has utilised 23% of maximum limit authorized for the Buyback.
3. The total number of Equity Shares bought back under the Buyback is 261,842 Equity Shares. The Company has extinguished all the 261,842 Equity Shares till date bought back by it.
B. Details of the Buyback:
1. The total amount utilized in the Buyback of Equity Shares is approximately Rs. 103.73 million.
2. The price at which the 261,842 Equity Shares were bought back was dependent on the price quoted on the BSE and NSE. The Equity Shares were bought back at an average price of Rs. 396.16 per Equity Share.
3. The Equity Shares were bought in the demat segment from the Stock Exchanges. As the offer for the Buyback at 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 of the total Equity Shares bought in the Buyback is not known.
C. Capital Structure:
The Capital Structure of the Company, pre & post Buyback is as under:
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Share Capital Issued, subscribed & paid-up
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Pre-Buyback Rs 168,612,240 (16,861,224 Equity Shares
(as on the date of PA i.e. May 28, 2009) of Rs 10/- each fully paid up)
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Post-Buyback Rs 165,993,820 (16,599,382 Equity Shares
of Rs 10/- each)
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(For more details kindly refer Corporate Announcements on www.bseindia.com). |