Balrampur Chini Mills has informed that the Board of Directors of the Company at its meeting held on February 21, 2018, has approved the buyback of fully paid up Equity Shares of face value of Re 1 each not exceeding 66,00,000 Equity Shares (representing upto 2.81% of the total paid-up Equity Share capital of the Company as on March 31, 2017) at a price of Rs 150 per Equity Share payable in cash for an aggregate amount of up to Rs 99,00,00,000 excluding transaction costs viz. brokerage, securities transaction tax, Goods and Service Tax, stamp duty, etc., which is approximately 6.78% and 6.79% of the fully paid-up Equity Share capital and Free Reserves (including Securities Premium Account) as per the latest Audited Standalone and Consolidated Balance Sheet of the Company for the financial year ended March 31, 2017, respectively, 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 (the ‘Buyback Regulations’) and the Companies Act, 2013 (the ‘Act’) and rules made there under from the equity shareholders of the Company who hold Equity Shares as on the record date (‘Buyback’). The buyback would be subject to applicable statutory approvals.
The above information is a part of company’s filings submitted to BSE.
