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| Exchange Disseminated Time 07/12/2016 14:23:28 | K.P.R. Mill Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 07, 2016, inter alia, has:
Approved the proposal to buyback of not exceeding 14,70,000 (Fourteen Lakhs Seventy Thousand) equity shares of the Company (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 payable in cash for an aggregate consideration not exceeding Rs. 97,02,00,000/- (Rupees Ninety Seven Crores and Two lakhs only), 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 (the last audited financial statements available as on the date of Board meeting recommending the proposal of the Buyback) from all the equity shareholders of the Company, as on the record date, on a proportionate basis through a Tender Offer route in accordance with the Companies Act, 2013, the Companies (Management and Administration) Rules, 2014, the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998 (the "Buyback"), subject to all other applicable statutory approvals.
The Board of Directors noted the intention of the Promoters of the Company to participate in the proposed Buyback.
The Board of Directors has constituted a Buyback Committee and delegated its powers to the buyback Committee to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary expedient, usual or proper in connection with the buyback. |
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