The Board of Directors of the Company (“Board“) at its meeting held today, i.e. on July 6, 2020, inter-alia, approved the Buy Back of Company’s Equity Shares for an aggregate amount not exceeding Rs. 1,095 Millions (Rupees One Thousand and Ninety Five Millions only), at a buy back price not exceeding Rs. 550/- (Rupees Five Hundred and Fifty Only) per Equity Share (“Maximum Buy Back Price”) from the shareholders/beneficial owners of the Company (other than those who are Promoters, members of the Promoter Group and persons in control of the Company) (“Eligible Shareholders”) excluding transaction costs viz. brokerage, cost, fees, turnover charges, tax on distributed income on buy back and other applicable taxes such as securities transaction tax, goods and services tax (if any) and income tax, stamp duty, advisors fees, filing fees and other incidental and related expenses etc., (“Transaction Costs”) payable in cash for an aggregate amount not exceeding Rs. 1,095 Millions (Rupees One Thousand and Ninety Five Millions only) (hereinafter referred to as the “Maximum Buy Back Size”), being 9.98% and 8.37% of the total paid up Equity Share capital and free reserves of the Company based on the latest standalone and consolidated audited financial statements of the Company respectively, as at March 31, 2020 (being the date of the latest audited standalone and consolidated financial statements of the Company), which is not more than 10% of the total paid-up Equity Share capital and free reserves of the Company in accordance with the proviso to the Regulation 5(i)(b) of the Buy Back Regulations in accordance and consonance with the provisions contained in the Buy Back Regulations and the Act (hereinafter referred to as the “Buy Back“)

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Outcome of Board Meeting