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Agro Tech Foods gets nod to buyback shares

25 Apr 2013 Evaluate

Agro Tech Foods has received an approval for the proposal for buy back through tender offer method of approximately 1,000,000 fully paid equity shares of Rs 10 each from the shareholders at a price of Rs 520 per share payable in cash up to an aggregate amount of Rs 52 crore which is less than 25% of the aggregate of total paid capital and free reserves of the company as per the audited accounts of the company for the year ended on March 31, 2012. The board of company at its meeting held on April 24, 2013 has approved for the same.

The company proposes to Buyback through tender offer method on a proportionate basis. Besides, the buyback will be implemented with the approval of shareholders of the company by way of a special resolution through Postal Ballot and all other applicable statutory approvals.

Agro Tech Foods is a public limited company engaged in the business of marketing food and food ingredients to consumers and institutional customers. The company is affiliated to ConAgra Foods, Inc of USA, which is one the world's largest food companies.

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