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| Exchange Disseminated Time 01/11/2018 19:47:29 | Triveni Turbine Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 01, 2018, inter alia, has approved the following:
- the proposal for buyback of fully paid equity shares of the Company having a face value of Re. 1/- each (Rupee One only) ("Equity Shares" and such buyback "Buyback") from all shareholders of the Company including promoters and members of the promoter group as on record date, which will be decided in due course, on a proportionate basis, through the "Tender Offer" route, using mechanism for acquisition of shares through stock exchange as prescribed under Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (the "Buyback Regulations") and such other circulars or notifications issued by the Securities and Exchange Board of India as also the Companies Act, 2013 and rules made thereunder, as amended from time to time, at a price of Rs. 150/- (Rupees one hundred fifty only) per Equity Share
payable in cash for an aggregate amount not exceeding Rs. 100,00,00,000 (Rupees One hundred crore only), excluding expenses to be incurred for the Buyback like transaction costs viz., brokerage, costs, fees, turnover charges, taxes such as securities transaction tax and goods and services tax (if any), stamp duty, advisors fees, printing and dispatch expenses and other incidental and related expenses and charges ("Buyback Offer Size"). The resultant equity shares to be bought back with the maximum price is 66,66,666 Equity Shares, representing 2.02% of the total paid-up equity share capital of the Company.
The Buyback Offer Size represents 22.53 % and 22.24 % of the aggregate of the fully paid-up equity capital and free reserves (including securities premium account) as per the latest audited standalone and consolidated balance sheet of the Company respectively for the financial year ended March 31, 2018, which is less than 25% of the total paid-up capital and free reserves of the Company in accordance with Regulation 4(i) of the SEB! Buyback Regulations.
The Board of Directors also noted the intention of the Promoters and Promoter Group of the Company to participate in the proposed Buyback.
The Board has constituted a committee called "Buyback Committee" and delegated its powers to do such acts, deeds, matters, and things as it may, in its absolute, deem necessary, expedient, usual or proper in relation to the proposed Buyback. The Board has appointed Mr Rajiv Sawhney, Company Secretary as the Compliance Officer for the purposes of the proposed Buyback. |
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