At meeting held on 07 June 2016
MOIL announced that the Board of Directors of the Company at its meeting held on 07 June 2016, inter alia, has:- Approved the proposal to buyback by the Company of its fully paid-up equity shares of Rs. 10 each not exceeding 3,48,12,196 equity shares (representing 20.72% of the total number of equity shares in the paid-up share capital of the Company, and is not exceeding 25% of the total number of equity shares in the paid-up share capital of the Company, i.e., 4,20,00,000 equity shares) at a price of Rs. 248 (Rupees Two Hundred and Forty Eight only) per equity share (the Buyback Offer Price) of face value of Rs. 10 each, payable in cash for an aggregate consideration not exceeding Rs. 863,34,24,739 (Rupees Eight Hundred Sixty Three Crore Thirty Four Lakh Twenty Four Thousand Seven Hundred and Thirty Nine only) (the "Buyback Offer Size"), which is not exceeding 25% of the aggregate of the fully paid-up share capital and free reserves as per the audited accounts of the Company for the financial year ended March 31, 2016 from the equity shareholders of the Company, as on the record date, on a proportionate basis, through the Tender Offer route as prescribed under the Buyback Regulations (hereinafter referred to as the "Buyback").
The Board of Directors noted the intention of the Promoter of the Company to participate in the proposed Buyback.
The Company has also appointed IDBI Capital Market Service as a Lead Manager to the Buyback offer.
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