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Board approves Buyback of Equity Shares

| Updated on February 02, 2018 Published on February 17, 2017

Vyapar Industries Ltd has informed BSE that the Board of Directors in their Meeting held on February 17, 2017, inter alia, have:

1. The Board has approved the buyback of upto 20,40,000 (Twenty Lacs Forty Thousand Only) Equity Shares of the Company (the “Equity Shares”) of the face value of Rs. 10 each at a price of Rs. 38 per Equity Share aggregating to Rs. 77520000/- (Rupees Seven Crores Seventy Five Lacs Twenty Thousand only) through the "Tender Offer" route as prescribed under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 1998. as amended (the "Buyback Regulations") on a proportionate basis from the shareholders as on the record date (to be decided later), subject to the approval of shareholders by way of a special resolution through postal ballot and regulatory compliances required under applicable laws;

2. The Board noted the intention of Mr. Akeel Rassai and Hussein Rassai, Promoters of the Company to participate in the proposed buyback. Rest of the Promoter and Promoter Group have intended not to participate in the proposed buyback:

3. Considered and unanimously approved the notice of postal ballot dated February 17, 2017:

4. Considered and unanimously approved the appointment of M/s MARTINHO FERRAO & ASSOCIATES, Company Secretaries as Scrutinizer for the purpose of postal ballot:

5. Constituted a Buyback Committee’ comprising of Mr. Abbas Rassai, Ms. Shabana Mistry and Mr. Hussain Cementwala. The aforesaid committee is authorized to take all necessary actions for executing the activities relating to the Buyback;

6. Appointed Saffron Capital Advisors Private Limited, a SEBI registered Category I Merchant Banker as ‘Sole Manager to the buyback offer.

7. The Board has approved the proposal of Sell, transfer or otherwise dispose of the whole or substantially the whole of the investments i.e. 49,11,494 Equity shares of Rs. 10/- each held in M/s. Beneficent Knowledge Parks &. Properties Ltd. in tranches to the Related Party & other present shareholders of the Company M/s. Beneficent Knowledge Parks & Properties Ltd. at Rs. 50.62 per Equity Share for a minimum total consideration of Rs. 24,86,19,826.28.

Pdf Link: Board approves Buyback of Equity Shares

Source : BSE - www.bseindia.com

Published on February 17, 2017
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