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| Exchange Disseminated Time 30/03/2016 16:50:18 | Excel Industries Ltd has submitted to BSE a copy of resolution passed by the Board of Directors of the Company at its meeting held on March 28, 2016.
"Resolved that, in accordance with Article 22 of the Articles of Association of the Company and the provisions of sections 68,69,70 and all other applicable provisions, if any, of the Companies Act, 2013 ("Act") and applicable rules made thereunder and in compliance of the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998 as amended from time to time ("the Buy-Back, Regulations"), and subject to such other approvals, permissions and sanctions as may be necessary, the consent of the Board of Directors be and is hereby accorded for the Buy-back by the Company of its fully paid-up Equity Shares of a face value of Rs. 5/- each ("Equity Share"), through the stock exchange mechanism prescribed under the Buy-back Regulations and the Act, for a maximum of 11,50,000 equity shares ("Maximum Offer Shares") to be bought back and subject to a minimum buy back of equity shares for a minimum amount of Rs. 9.00 crores, being 50% of the Maximum Buy-back Size ("Minimum Buy-back Size”) for an amount not exceeding Rs. 18.00 crores (Rupees Eighteen Crores only) (excluding brokerage, transactional charges and taxes, if any) (hereinafter referred to as the "Maximum Buyback Size"), (being within 10% of the total paid-up equity capital and free reserves of the Company as per latest audited balance sheet as on March 31, 2015) and at a price not exceeding Rs. 275/- (Rupees Two Hundred Seventy Five Only) (excluding brokerage, transactional charges and taxes, if any) per Equity Share (hereinafter referred to as the "Maximum Buy-back Price");" |
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