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| Exchange Disseminated Time | Merck Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 20, 2009, inter alia, has approved a buy-back of its outstanding equity shares in accordance with the provisions of Sections 77A, 77AA, 77B and other applicable provisions, of the Companies Act, 1956 and the subsequent amendments thereto (the "Act") and the provisions contained in the Securities and Exchange Board of India (Buyback of Securities) Regulations 1998 ("Buyback Regulations") and subject to such other approvals, permissions and sanctions as may be necessary from statutory authorities in two tranches as follows:
1. The Company will purchase its fully paid equity shares of the face value of Rs 10/- up to an amount of Rs 451.1 million being not more than 10% of the total paid up capital and free reserves as per the audited balance sheet for the year ended December 31, 2008 at a maximum price not exceeding Rs 435/- per equity share (hereinafter referred to as the ("Offer of Buy-back").
2. The Company will subject to shareholders approval purchase its fully paid equity shares of the face value of Rs 10 each up to 25% of the total paid-up equity share capital and free reserves of the Company i.e. to the extent of Rs 1127.8 million (as reduced by the amount, if any, used for buy back of shares in terms of the Offer of Buy-back in terms of the proviso to Section 77A (2) of the Act and in pursuance of the resolution as aforesaid passed by the Board), as per audited balance sheer for the year ended December 31, 2008 at a maximum price not exceeding Rs 435/-per equity share.
The Company will buyback the equity shares as mentioned aforesaid on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), through a transparent mechanism of open market purchases, from time to time. |
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