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Announcement:
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Bhagyanagar India Ltd has informed BSE about the following:
The Company has received approval from SEBI for commencement of Buyback & the Buyback shall commence on November 04, 2009 & close on May 18, 2010 or when the Company completes buyback to the extent of 1,00,00,000 equity shares under the offer or upon exhaustion of Rs 20.00 crores set aside for buy back whichever is earlier.
Karvy Investor Services Ltd ("Manager to the Buyback") on behalf of Bhagyanagar India Ltd ("Target Company") has issued a Corrigendum to the Public Announcement to the shareholders/ beneficial owners of the equity shares of the Target Company in connection with the buyback offer of equity shares from the open market through stock exchanges.
This Corrigendum is being issued in connection with the Offer for Buyback of the Equity Shares from the open market through Stock Exchanges ("the Buyback") by the Company as advised by Securities and Exchange Board of India vide their letter dated October 29, 2009. This corrigendum should be read in conjunction with the Public Announcement ("PA") dated October 10, 2009. The terms used but not defined in this corrigendum shall have the same meaning assigned to them in the PA.
The Equity Shareholders/Beneficial Owners of the Company may please note the following additions/amendments to the PA.:
1. Under the heading "1. The Buyback Offer and Price", the following clause has been added as clause 1.6.
"In case the company decides to continue buyback beyond the minimum size then a PA will be given in all the newspapers where the original PA has appeared at least two days in advance under intimation to Securities and Exchange Board of India".
2. At clause 5(8)(b) of the PA, i.e. Details of Equity shares purchased by the Promoters and Directors of the Promoter Company(ies), the date of Minimum price be read as December 02, 2008.
3. The date of opening of the Buyback offer mentioned under clause 2 (Proposed time table) & clause 7.5 (Process and Methodology to be adopted for the Buyback) of the PA may be read as November 04, 2009 instead of October 22, 2009.
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