Board approves Buyback of Equity Shares

| Updated on January 24, 2018 Published on January 24, 2018

Paushak Ltd has informed BSE that the Board of Directors (the "Board") of the Company at its meeting held on January 24, 2018, inter alia, has approved the proposal for buy-back of 1,25,000 fully paid up equity shares of the Company having face value of Rs.10/- each ("Equity Shares") (representing up to 3.90% of the total paid-up equity share capital of the Company) at a price not exceeding Rs.1700/- (Rupees One Thousand Seven Hundred only) per Equity Share payable in cash for a total consideration not exceeding Rs.21,25,00,000/- (Rupees Twenty One Crore Twenty Five Lacs Only), excluding transaction costs viz. fees, brokerage, applicable taxes such as securities transaction tax, goods and services tax, stamp duty, etc., from all the equity shareholders/beneficial owners of Equity Shares of the Company including promoters and members of promoter group, as on the record date, on a proportionate basis through the "Tender Offer" route using stock exchange mechanism as prescribed under Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998, as amended and the Companies Act, 2013 and rules made thereunder. The buy-back offer size is within the limit of 25% of the total paid-up capital and free reserves of the Company (including securities premium account) as per its audited standalone financial statements for the nine months period ended December 31, 2017.

The promoters and members of the promoter group have indicated their intention to participate in the buy-back offer.

The proposed buy-back offer is subject to approval of shareholders by way of special resolution through postal ballot. The process, timelines and other requisite details with regards to the shareholders approval shall be communicated in due course.

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Source : BSE - www.bseindia.com

Published on January 24, 2018
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