Karvy Investor Services Ltd ("Manager to the Buyback") on behalf of Apcotex Industries Ltd ("Target Company") has issued this Public Announcement regarding completion of the Buyback
offer to the Shareholders / Beneficial Owners of equity shares of the Target Company.
1. THE BUYBACK
1.1 Apcotex Industries Limited ("Apcotex" or the "Company") had announced the Buy-back of its fully paid up equity shares of Rs.10/- each ("Equity Shares") from the existing registered shareholders/beneficial owners of its Equity Shares (the "Buy-back") through the open market using the nationwide electronic trading terminals of the Bombay Stock Exchange Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") pursuant to Article 23(b) of the Articles of Association of the Company and in accordance with Section 77A, 77AA and 77B of the Companies Act, 1956 read with Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998, as amended, resolution of the Board of Directors of the Company dated October 16, 2009, the Public Announcement dated December 7, 2009 ("PA"), Corrigendum to Public Announcement dated December 18, 2009 ("Corrigendum"), Published on December 7, 2009 and December 19, 2009 respectively and upon such terms as were set out in the PA and Corrigendum. A Public Notice dated April 28, 2010 in relation to the closure of the Buy-back was published on April 29, 2010.
1.2 In accordance with the PA and Corrigendum, the Buy-back was commenced on December 21, 2009 and was closed with effect from May 7, 2010. The Company has completed all the payout formalities. No orders for Buy-back were placed after May 7, 2010.
2. DETAILS OF THE BUYBACK
2.1 The Company has purchased an aggregate of 3,42,856 Equity Shares pursuant to the Buy-back which have already been extinguished prior to April 28, 2010.
2.2 The total amount invested in the Buy-back is Rs 303.65 Lacs (excluding brokerage, STT and other charges, as applicable). Till the date of closure of the Buy-back, the Company had utilized 84.35% of the Maximum Offer Size authorized for the Buy-back.
2.3 The price at which the Equity shares were bought back was dependent on the price quoted on the BSE and NSE. The average price at which such Equity Shares were bought back is Rs 88.57 per Equity share.
2.4 The prevailing stock exchange trading mechanism does not provide the identity of the seller in case of shares bought back in the demat segment. Since all the shares were bought in the demat segment from BSE and NSE, details of shareholders, if any, who have sold shares exceeding 1% of the total Equity shares bought back are not available.
3. CAPITAL STRUCTURE
3.1 The Equity Capital structure of the Company pre Buy-back (as on the date of Public Announcement) and post Buy-back are as under:
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Particulars Pre-Buyback Post-Buyback
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Authorised Rs 1,497.00 Lacs Rs 1,497.00 Lacs
Capital (1,49,70,000 Equity (1,49,70,000 Equity
shares of Rs 10/- each) shares of Rs 10/- each)
Rs. 0.50 Lacs Rs. 0.50 Lacs
(500 Preference Shares (500 Preference Shares
of Rs. 100/- each) of Rs. 100/- each)
Rs. 2.50 Lacs (25,000 Rs. 2.50 Lacs (25,000
Unclassified Shares of Unclassified Shares of
Rs.10/- each) Rs.10/- each)
Issued Capital Rs. 556.64 Lacs Rs. 522.35 Lacs
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Details for Subscribed and Paid-up Capital:
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Pre-Buyback Post-Buyback
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55,27,352 Rs. 552.74 Lacs 51,84,496 Rs. 518.45 Lacs
Equity shares Equity shares
of Rs.10/- each of Rs.10/- each
Add: Amount Add: Amount Rs.3.90 Lacs
Originally paid Originally paid
on 78,051 on 78,051
shares forfeited shares forfeited
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Total Rs.556.64 Lacs Total Rs.522.35 Lacs
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(For more details kindly refer Corporate Announcements on www.bseindia.com). |