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Vyapar Industries Ltd. - Outcome of Board Meeting

| Updated on June 21, 2019 Published on June 21, 2019

1. The Board has approved the buyback of upto 15,30,000 (Fifteen Lacs Thirty Thousand Only) Equity Shares of the Company (the Equity Shares) of the face value of Rs. 10 each at a price of Rs. 34/- (Rupees Thirty Four only) per Equity Share aggregating to Rs. 5,20,20,000/- (Rupees Five Crore Twenty Lacs Twenty Thousand only) through the "Tender Offer" route as prescribed under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, 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. Akil 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 June 21, 2019;

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 Abbas Rassai, Hussain Cementwala and Farida Engineer. 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.

Pdf Link: Vyapar Industries Ltd. - Outcome of Board Meeting

Source : BSE - www.bseindia.com

Published on June 21, 2019
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