The Board of Directors of the Company (the “Board”), at its meeting held on March 14, 2019, has approved the proposal for Buy-Back of fully paid-up equity shares of the Company of face value of Rs.10/- each (“Equity Shares”), for an aggregate amount not exceeding Rs. 2,620 Millions (Rupees Two Thousand Six Hundred and Twenty Millions) excluding expenses viz. brokerage, applicable taxes such as securities transaction tax, goods and services tax, stamp duty, filing fees, advisor fees, public announcement expenses, printing and dispatch expenses and other incidental and related expenses etc. incurred or to be incurred for the Buy-Back (“Maximum Buy-Back Size”), which represents 24.95% of the aggregate of the Company’s fully paid-up Equity Share capital and free reserves as per the latest audited standalone financial statements of the Company as on March 31, 2018, at a maximum price of Rs. 1,600 (Rupees One Thousand Six Hundred only) per share (“Maximum Buy-Back Price”) from the existing equity shareholders of the Company as on the Record Date to be announced by the Board/ such other Committee as may be formed by the Board (“Record Date”), on a proportionate basis through the ‘Tender Offer’ route, provided that 15% (fifteen percent) of the number of Equity Shares which the Company proposes to Buy-Back or number of Equity Shares entitled as per the shareholding of small shareholders as on the Record Date, whichever is higher, shall be reserved for the small shareholders as prescribed under the SEBI Buy-Back Regulations (hereinafter referred to as the “Buy-Back”).
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