|
| Exchange Disseminated Time 08/12/2016 20:05:37 | K.P.R. Mill Ltd has submitted to BSE a copy of the resolution passed for buy back of shares at the Board Meeting held on December 07, 2016.
"Resolved that pursuant to the provisions of Section 68, 69, 70 and all other applicable provisions, if any, of the Companies Act, 2013 as amended (the "Companies Act"), and in accordance with Article 17 of the Articles of Association of the Company, the Companies (Share Capital and Debentures) Rules, 2014 (the "Share Capital Rules") to the extent applicable, and in compliance with the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998, as amended (the "Buyback Regulations"), and any statutory modification(s) or re-enactment thereof, for the time being in force and, subject to such other approvals, permissions and sanctions of Securities and Exchange Board of India ("SEBI"), Registrar of Companies, Coimbatore, Tamil Nadu (the "ROC") and/ or other authorities! institutions or bodies (the "Appropriate Authorities"), as may be necessary and subject to such conditions and modifications as may be prescribed or imposed while granting such approvals, permissions and sanctions which may be agreed to by the Board of Directors of the Company (the "Board" which expression shall include any committee constituted by the Board to exercise its powers, including the powers conferred by this resolution), the Board hereby approves the buy back by the Company of its fully paid-up equity shares of Rs. 5 each not exceeding 14,70,000 (Fourteen Lakhs Seventy Thousand) equity shares (representing 1.95% of the total number of equity shares in the paid-up share capital of the Company) at a price of Rs. 660/- (Rupees Six Hundred and Sixty only) per equity share (the "Buy Back Offer Price") payable in cash for an aggregate consideration not exceeding Rs. 97,02,00,000/- (Rupees Ninety Seven Crores and Two Lakhs only) (the "Buyback Offer Size") being 9.95%, 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 from the equity shareholders of the Company, as on the record date, on a proportionate basis, through the Tender Offer route as prescribed under the Buyback Regulations (hereinafter referred to as the "Buyback")." |
|
|