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Board of Bharat Electronics approves buyback of shares aggregating Rs 372.25 cr

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Capital Market
Last Updated : Jan 31 2018 | 9:31 AM IST

At meeting held on 30 January 2018

Bharat Electronics announced that the Board of Directors of the Company in their meeting held on 30 January 2018, inter alia, has approved the proposal to buyback of not exceeding 2,03,97,780 (Two Crore Three Lakhs Ninety Seven Thousand Seven Hundred Eighty) equity shares of the Company (representing 0.83%) of the total number of equity shares in the paid-up share capital of the Company) at a price of Rs. 182.50/- (Rupees One Hundred Eighty Two and Fifty Paise only) per equity share payable in cash for an aggregate consideration not exceeding Rs. 3,72,25,94,850/- (Rupees Three Hundred Seventy Two Crore Twenty Five Lakhs Ninety Four Thousand Eight Hundred and Fifty only), representing 5.00% 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.

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First Published: Jan 31 2018 | 9:18 AM IST

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