Board approves Buy Back of Equity Shares

| Updated on December 23, 2011 Published on December 23, 2011

Monnet Ispat Ltd has informed BSE that the Board of Directors of the Company at its Meeting held on December 22, 2011, has approved the proposal of Buy-back of Equity Shares under the authority of the Board of Directors pursuant to the first proviso to section 77A(2)(b) of the Companies Act, 1956 and the SEBI (Buy-back of Securities) Regulations 1998 as amended. The Buy-back of its fully paid equity shares, will be from the open market, through the stock exchanges, at a price not exceeding Rs. 500/- per share, up to a maximum amount of Rs. 100.00 crore being 4.97% of the total paid up capital and free reserves of the Company as per audited consolidated balance sheet for the year ended March 31, 2011.

Source : BSE - >www.bseindia.com

Published on December 23, 2011
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