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Buy back Offer

| Updated on August 13, 2013 Published on August 13, 2013

Kotak Mahindra Capital Company Ltd ("Manager to the Buyback") on behalf of Great Eastern Shipping Company Ltd ("Target Company") has informed this Public Announcement ("Public Announcement") to the Shareholders / Beneficial Owners of the equity shares of the Target Company, pursuant to and in compliance with the provisions of Regulation 15(c) and 15(d), of the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 1998, as amended and contains disclosures as specified in Schedule II of the Buy back Regulations.

Details of the Offer & Buy back Price:

The Target Company hereby announces the buyback of its fully paid-up equity shares of face value of Rs. 10/- (Rupees Ten) each ("Equity Shares") from the existing shareholders/beneficial owners, other than the promoters/persons who are in control of the Company, from the open market through stock exchanges ("Buyback") pursuant to Article 33 of the Articles of Association of the Company and in accordance with Sections 77A, 77AA and 77B of the Companies Act, 1956 ("Companies Act") and the Buyback Regulations, at a price not exceeding Rs. 279.00 (Rupees Two Hundred and Seventy Nine) per Equity Share ("Maximum Buyback Price") payable in cash, for an aggregate amount not exceeding Rs. 279,00,00,000 (Rupees Two Hundred and Seventy Nine Crore) ("Maximum Buyback Size"). The Maximum Buyback Price per Equity Share does not include transaction costs including brokerage costs, securities transaction taxes, service tax, and stamp duty ("Transaction Costs"). However, the Maximum Buyback Size is inclusive of Transaction Costs.

The Company will utilise an aggregate amount of not less than Rs. 139,50,00,000 (Rupees One Hundred and Thirty Nine Crore and Fifty Lakh) for the purpose of the Buyback ("Minimum Buyback Size"). The Minimum Buyback Size is inclusive of Transaction Costs.

The Company will purchase an indicative maximum of 1,00,00,000 (One Crore) Equity Shares ("Maximum Buyback Shares") computed as Maximum Buyback Size divided by Maximum Buyback Price. The Company will purchase an indicative minimum of 50,00,000 (Fifty Lakh) Equity Shares ("Minimum Buyback Shares"), computed as Minimum Buyback Size divided by Maximum Buyback Price. If the Equity Shares are bought back at a price below the Maximum Buyback Price, the number of Equity Shares bought back could exceed the Maximum Buyback Shares but will always be subject to the Minimum Buyback Size and the Maximum Buyback Size.

The Buyback will be implemented by the Company via the methodology of open market purchases using the electronic trading facilities of the BSE and NSE, collectively referred to as "Stock Exchanges".

Proposed Time Table:

Board Meeting approving Buyback - August 08, 2013

Date of Publication of Public Announcement - August 13, 2013

Date of opening the Buyback - August 23, 2013

Acceptance of Equity Shares - Upon the relevant pay-out by the Stock Exchanges.

Verification/Acceptance of Shares accepted in the physical mode - Within 15 days of the pay-out by the Stock Exchanges.

Extinguishment of Equity Shares/certificates - Within 15 days of the succeeding month of the month in which Equity Shares are accepted as mentioned above, provided that the Company shall ensure that the Equity Shares bought back are extinguished within 7 days of the last date of completion of the Buyback.

Last Date for the Buyback - Earlier of: (a) February 22, 2014 (that is 6 months from the date of the opening of the Buyback); or (b) When the Company completes the Buyback to the extent of deploying the Maximum Buyback Size; or (c) At such earlier date as may be determined by the Board or the committee formed by the Board ("Buyback Committee") thereof, after giving notice for such earlier closure, subject to the Company having utilised Minimum Buyback Size (even if the Maximum Buyback Size has not been utilized or the Maximum Buyback Shares have not been bought back), provided, however, that all payment obligations relating to the Buyback shall be completed before the last date for the Buyback.

Source : BSE - >www.bseindia.com

Published on August 13, 2013
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