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| Exchange Disseminated Time | Selan Exploration Technology Ltd ("Target Company" / "SETL") has submitted this Public Announcement ("PA") for buyback Offer of equity shares to the Equity Shareholders / Beneficial Owners of the equity shares of the Target Company.
This Public Announcement ("PA") is made pursuant to the provision of Regulation 8(1) read with Regulation 15(c) of, and in compliance with the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 as amended ("Buyback Regulations") and contains the disclosures as specified in Schedule II to the Buyback Regulations.
SBI Capital Markets Ltd is the Manager to the Buyback ("Manager to the Buyback")
THE BUY-BACK OFFER AND PRICE
The Target Company hereby proposes to buy back a minimum of 1,50,000 Equity Shares (hereinafter referred to as 'Minimum Offer Shares") during the period. At the Maximum Buyback Price of Rs. 350/- per equity share and for the Maximum Buyback Size not exceeding Rs. 2023.28 lakhs, the maximum number of equity shares that can be bought back would be 5,78,081 Equity Shares, Should the average purchase price be lower than Rs. 350/- per Equity Shares, the number of Equity Shares bought back would be greater, assuming the payment of an aggregate consideration amount of Rs. 2023.28 lakhs. The Board shall determine at its discretion, the time frame for completion of the Buyback and may close the Buyback any time after buying back the Minimum Offer Shares and before the period of twelve months from the date of the Board resolution authorizing the Buyback.
PROPOSED TIME TABLE
Date of Board Meeting - September 15, 2012
Date of opening of the Buyback - October 17, 2012
Acceptance of shares - Within 15 days of the relevant payout dates of the Stock Exchanges
Extinguishment of shares - Within 15 days of acceptance of Equity Shares. Further, all the Equity Shares bought back will be extinguished within 7 days of the last date of completion of Buyback.
Last date for the Buy-back - September 13, 2013 (i.e. within 12 months from the date of the Board Meeting) or when the Company completes the Buyback to the extent of Rs. 2023.28 lakhs - or such earlier date as may be determined by the Company at any time on the Buyback of proposed minimum no. of Shares i.e. 1,50,000 Equity Shares, even if the maximum limit of Buyback of Equity Shares has not been reached (by giving appropriate notice of such earlier date), whichever is earlier. |
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