Sobhagya Capital Options Ltd ("Manager to the Buyback") on behalf of Aro Granite Industries Ltd ("Target Company") has issued this Announcement to the Equity Shareholders / Beneficial Owners of the equity shares of the Target Company, which is in continuation of and should be read in conjunction with the Public Notice cum Public Announcement ("PA") dated June 08, 2009, published on June 10, 2009 ("Announcement"), Corrigendum to the PA dated June 19, 2009, published on June 23, 2009, pursuant to Regulations 19 (7) of Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 1998.
A. The Buy-back:
1. The Target Company had announced the Buy-back of its fully paid up equity shares of Rs. 10/- each ("Equity Shares") from the existing owners of its Equity Shares ("Buy-back") through the open market using the nationwide electronic trading terminals of the Bombay Stock Exchange Ltd ("BSE") and the National Stock Exchange of India Limited ("NSE") pursuant to Article 11A of the Articles of Association of the Company and in accordance with Section 77A, 77AA and 77B of the Companies Act, 1956 read with Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998, as amended, resolution of the Board of Directors of the Company dated June 08, 2009 and upon such terms as were set out in the Announcement and Corrigendum. The Company had announced the Buy-back of fully paid up equity shares of the face value Rs. 10/- each ("Equity Shares") not exceeding 12,50,000 Equity Shares ("Maximum Offer Shares") from the existing owners of Equity Shares other than Persons in Control at a price not exceeding Rs. 55/- per Equity Share ("Maximum Offer Price") payable in cash, for an aggregate amount not exceeding Rs. 550 lacs ("Maximum Offer Size"). The minimum number of Equity Shares that the Company intended to Buy-back was 10,00,000 Equity Shares ("Minimum Offer Shares").
2. In accordance with the Announcement and Corrigendum, the Buy-back was open from June 29, 2009 to June 07, 2010.
B. Details of the Buyback:
1. The Company has purchased an aggregate of 8,83,500 Equity Shares pursuant to the Buy-back. All the equity shares bought back have been extinguished.
2. The total amount invested in Buy-back is Rs. 387.05 Lacs (excluding brokerage, STT and other charges, as applicable). Till the date of closure of the Buy-back, the Company had utilized 70.37% of the amount of Maximum Offer Size authorized for the Buy-back.
3. The price at which the Equity Shares were bought back was dependent on the price quoted on the BSE and NSE. The highest price at which the Equity Shares were bought back was Rs. 51.00 per Equity Share while the lowest price was Rs. 39.25 per Equity Share. The Equity Shares were bought back at an average price of Rs. 43.81 per Equity Share.
4. The prevailing stock exchange trading mechanism does not provide the identity of the seller in case of shares bought back in the demat segment. Since all the shares were bought in the demat segment from BSE and NSE, details of shareholders, if any, who have sold shares exceeding 1% of the total Equity shares bought back are not available.
C. Capital Structure:
The Capital Structure of the Company, pre Buy-back and post Buy-back is as under:
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Particulars Pre Buy-back Post Buy-back
Amount (in Rs.)
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Authorized Capital 14,60,00,000 14,60,00,000
(1,46,00,000 equity shares (1,46,00,000 equity shares
of Rs. 10/- each) of Rs. 10/- each)
40,00,000 40,00,000
(40,000, 10% Convertible (40,000, 10% Convertible
Cumulative Preference Cumulative Preference
Shares of Rs. 100/- each) Shares of Rs. 100/- each)
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Total 15,00,00,000 15,00,00,000
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Issued, Subscribed & Paid up 11,08,35,000 10,20,00,000
Capital (1,10,83,500 Equity Shares (1,02,00,000 Equity Shares
Rs. 10/- each) Rs. 10/- each)
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