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| Exchange Disseminated Time 20/08/2018 14:34:39 | Navneet Education Ltd has informed BSE that the Board of Directors at its meeting held on August 20, 2018 has approved:
The buyback up to 46,87,500 fully paid-up equity shares of face value of Rs. 2/- (Rupee Two Only) each of the Company("Equity Shares") representing up to 2.01% of the total number of Equity Shares of the Company at a price of Rs. 160/- (Rupees One Hundred Sixty Only) per Equity Share ("Buy Back Price") (including premium of Rs. 158/- per Equity Share) payable in cash for an aggregate amount of up to Rs. 75,00,00,000/- (Rupees Seventy Five Crore Only) (excluding transaction costs such as brokerage, securities transaction tax, goods and service tax, stamp duty etc.) ("Buy back Size"), which is 9.25% fully paid- up equity share capital and free reserves (including securities premium) as per the standalone audited balance sheet and 9.94% fully paid- up equity share capital and free reserves (including securities premium) as per the consolidated audited balance sheet of the Company as on March 31, 2018 (the last audited balance sheet available as on the date of Board meeting), on a proportionate basis through tender offer ("Tender Offer") as prescribed under Buyback Regulations, to all the equity shareholders/ beneficiary owners who hold Equity Shares on the Record Date("Buyback"). The Buyback Size does not include any expenses incurred or to be incurred for the Buyback like filing fees payable to the securities and Exchange Board of India, fees and charges payable to Stock Exchanges, public announcement expenses, printing and dispatch expenses and other incidental and related expenses.
The Board took note of intention of members of the promoter and promoter group including person in control of the Company to participate in the proposed Buyback. |
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