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| Exchange Disseminated Time | Ganesh Housing Corporation Ltd has informed BSE regarding Buy-back Offer of the Company.
"The Board of Directors of the Company had approved, at their earlier meeting held on October 25, 2008, Buy-Back offer at a maximum price not exceeding Rs. 101.00 per share ("maximum offer price") payable in cash, for an aggregate amount not exceeding Rs. 2000.00 lacs ("offer size"). The Board of Directors had also authorized buy back of only upto 19,80,198 equity shares of Rs. 10 each. The Board modified the above resolution, at their meeting held on November 26, 2008, by deleting the clause relating to maximum number of shares to be bought back by the Company which was earlier decided to be only upto 19,80,198 equity shares. All other terms and conditions of the offer remained unchanged.
Pursuant to request of one of the promoters, SEBI granted exemption to the promoter group for the application dated December 20, 2008 from the applicability of the Regulation 11(2) of SEBI (SAST) Regulations, 1997 consequent to the buy back offer vide their order dated March 24, 2009.
The Company would like to mention that in term of section 77A(4) of Companies Act, 1956, the, buy back has to be completed within a period of 12 months from the date of passing the Board Resolution / General Meeting Resolution i.e. in this case, the buy back was, to be completed on or before October 24, 2009. However, the Company has not made public announcement for buy back of shares and hence not proceeded with the buy back offer." |
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