Skf India Ltd - Announcement under Regulation 30 (LODR)-Public Announcement-Buyback of Shares

In furtherance to our intimation dated October 19, 2018 and in terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, the Board of Directors in their meeting held on October 24, 2018, subject to the approvals of the shareholders of the Company, inter-alia, approved a proposal for buyback of fully paid up equity shares of the Company having a face value of INR 10 each (Indian Rupees Ten only) (Equity Shares) from all the shareholders of the Company including the promoters and members of the promoter group as on record date which will be decided in due course, on a proportionate basis through the Tender Offer method in accordance with the provisions of Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (SEBI Buyback Regulations) and such other circulars or notifications issued by the Securities and Exchange Board of India, and the Companies Act, 2013 and rules made thereunder, as amended from time to time, at a price of INR 2,100 per Equity Share (Indian Rupees Two thousand one hundred only) (Buyback Offer Price), payable in cash, for an aggregate maximum amount of INR 3,990 million only (Indian Rupees Three thousand nine hundred ninety million only, excluding any expenses incurred or to be incurred for the Buyback viz., brokerage, costs, fees, turnover charges, taxes such as securities transaction tax and goods and services tax (if any), stamp duty, advisors fees, printing and dispatch expenses and other incidental and related expenses and charges (Buyback Offer Size).

The Company proposes to buyback 1,900,000 Equity Shares (One million nine hundred thousand only) at the Buyback Offer Price (representing 3.70% of the total paid up equity capital of the Company), which is less than 25% of the total paid up equity capital of the Company.

The Buyback Offer Size represents 21.73% of the aggregate of the total paid-up capital and free reserves of the Company based on the audited financial statements of the Company as at March 31, 2018 (being the latest available audited financial statements of the Company), which is less than 25% of the total paid-up capital and free reserves of the Company, in accordance with Regulation 4(i) of the SEBI Buyback Regulations.

The Board noted the intention of the promoters and members of the promoter group to participate in the proposed Buyback. The Buyback would be subject to approval of the shareholders of the Company by way of a special resolution through postal ballot including electronic voting and all other applicable statutory or regulatory approvals.

The Board has constituted a committee called Buyback Committee and delegated its powers to do such acts, deeds, matters, and things as it may, in its absolute, deem necessary, expedient, usual or proper in relation to the proposed Buyback. The Board has appointed Mr. Pradeep Bhandari as the Compliance Officer for the purposes of the proposed Buyback.

The details of the pre Buyback shareholding pattern of the Company are enclosed as Annexure A.

The above information is also available on the website of the Company i.e., www.skfindia.com

Pdf Link: Skf India Ltd - Announcement under Regulation 30 (LODR)-Public Announcement-Buyback of Shares

Source : BSE - www.bseindia.com

Published on October 24, 2018

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