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| Exchange Disseminated Time 07/02/2017 17:57:14 | NHPC Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 07, 2017, inter alia, has unanimously approved:
1. The proposal to buyback of equity shares of the Company not exceeding 81,13,47,977 (Eighty One Crore Thirteen Lakh Forty Seven Thousand Nine Hundred Seventy Seven only) (representing approximately 7.33% of the total number of equity shares in the paid-up share capital of the Company) at a price of Rs. 32.25/- (Thirty Two Rupees Twenty Five Paise only) per equity share payable in cash for an aggregate consideration not exceeding Rs. 26,16,59,72,258.25/- (Rupees Two Thousand Six Hundred Sixteen Crore Fifty Nine Lakh Seventy Two Thousand Two Hundred Fifty Eight and Twenty Five Paise only), which is not exceeding 10% of the aggregate of the fully paid-up equity share capital and free reserves as per the audited accounts of the Company for the financial year ended March 31, 2016 (the last audited standalone financial statements available as on the date of Board meeting recommending the proposal of the Buyback) from all the equity shareholders of the Company, as on the record date, on a proportionate basis through a “Tender Offer” route in accordance with the provisions contained in the Companies Act, 2013, the Companies (Management and Administration) Rules, 2014, the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998 (the “Buyback”), subject to all other applicable statutory approvals.
The Board of Directors noted the intention of the Promoter of the Company to participate in the proposed Buyback.
The Board has constituted a committee viz. Functional Authority and delegated its power to the Functional Authority to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary expedient, usual or proper in connection with buyback.
The meeting of the Board of Directors commenced at 11:30 a.m and closed at 05:30 p.m. on February 07, 2017. |
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