At meeting held on 15 November 2016
Balrampur Chini Mills announced that the Board of Directors of the Company at its meeting held on 15 November 2016, inter-alia, has approved the buyback of fully paid up Equity Shares of face value of Re. 1/- (Rupee One only) each not exceeding 1,00,00,000 (One Crore) Equity Shares (representing upto 4.08% of the total paid-up Equity Share capital of the Company as on 31 March 2016) at a price of Rs. 175.00/- (Rupees One Hundred Seventy Five only) per Equity Share payable in cash for an aggregate amount of upto Rs. 175 crore excluding transaction costs viz. brokerage, securities transaction tax, service tax, stamp duty, etc., which is approximately 14.72% of the fully paid-up Equity Share capital and Free Reserves (including Securities Premium Account) as per the latest Audited Standalone Balance Sheet of the Company for the financial year ended 31 March 2016 on a proportionate basis through the "Tender Offer" route using Stock Exchange Mechanism as prescribed under Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 (the "Buyback Regulations") and the Companies Act, 2013 (the "Act") and rules made thereunder from the equity shareholders of the Company who hold Equity Shares as on the record date (to be determined) ("Buyback"). The Buyback would be subject to approval of the shareholders by way of a Special Resolution through Postal Ballot and all other applicable statutory approvals.- Noted the intention of the Promoters and Promoter Group of the Company to participate in the proposed buy back.
- Approved the Postal Ballot Process and allied matters for obtaining shareholders' approval for the buy back.
- Appointed "Axis Capital as the 'Manager' to the Buyback. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.
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