|
| Exchange Disseminated Time 05/02/2018 17:21:06 | Moil Ltd has informed BSE that the Board of Directors of the Company in their meeting held on February 05, 2018 has unanimously inter-alia:
- Approved the proposal to buyback of not exceeding 87,66,720 (Eighty Seven Lakh Sixty Six Thousand Seven Hundred Twenty) equity shares of the Company representing 3.29% of the total number of equity shares in the paid-up share capital of the Company) at a price of Rs. 240 (Two Hundred Forty) per equity shares (“Buyback Offer Price”) of face value of Rs. 10 each payable in cash for an aggregate consideration not exceeding Rs. 210,40,12,800 (Rupees Two Hundred Ten Crore Forty Lakh Twelve Thousand Eight Hundred Only) (the “Buyback Offer Size”) being 7.50% of the aggregate of the fully paid-up equity share capital and free reserves as per the audited standalone financial statements of the Company for the financial year ended March 31, 2017, (the last audited financial statements available as on the date of Board meeting recommending the proposal of the Buyback) and is within the statutory limits of 10% (Ten Percent) of the aggregate of the fully paid-up equity share capital and free reserves under the board of directors approval route as per the provisions of the Companies Act, 2013 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, as amended (the “Buyback Regulations”), subject to all other applicable statutory approvals.
The Board of Directors noted the intention of the Promoter 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. |
|
|