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| Exchange Disseminated Time | Clariant Chemicals (India) Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 22, 2015, has approved the following :
1. The Board approved unanimously the sale of Industrial Consumer Specialist (ICS) business to Clariant India Private Limited on a going concern basis for a total consideration of Rs. 42 Crore.
2. The Board approved unanimously the buyback proposal for purchase by the Company upto 35,78,947 equity shares of Rs. 10 each (representing 13.42% of the total equity capital), from all the shareholders of the Company on a proportionate basis through the "Tender Offer" route as prescribed under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 1998 (the "Buyback Regulations") at a price of Rs. 950 per equity share (Rupees Nine Hundred Fifty only) per equity share, aggregating to approximately Rs. 340 crores in accordance with the provisions of the Companies Act, 2013 and the Buyback Regulations (the "Buyback").
The Buyback would be subject to approval of the shareholders by way of a Special Resolution through Postal Ballot and all other applicable statutory approvals. The notice of Postal Ballot will be sent to all the shareholders, for their approval, in accordance with the provisions of Section 110 of the Companies Act, 2013 read with rules made thereunder.
The Board has formed a Committee (the "Buyback Committee") and has delegated its powers to the Buyback Committee to do all such acts, deeds, expedient, usual or proper in connection with the Buyback. Axis Capital Limited has been appointed as the Manger to the Buyback Offer. |
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