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S Mobility gets nod to buyback of equity shares

20 Jun 2013 Evaluate

S Mobility has received an approval to buy-back fully paid up equity shares of the face value of Rs 3 each from the open market through Stock Exchange mechanism at a price not exceeding Rs 75 per share for an aggregate amount not exceeding Rs 60 crore, subject to a maximum of 1,10,00,000 equity shares in accordance with the provisions contained in the Articles of Association, Section 77A, 77AA, 77B and other applicable provisions of the Companies Act, 1956 and the Securities and Exchange Board of India (Buy Back of Securities) Regulations 1998, including any statutory modifications and amendments thereto, for the time being in force.

The board of directors of the company at its meeting held on June 19, 2013 has approved for the same

S Mobility is engaged in manufacturing of mobile phones. The company offers a wide range of mobile handsets catering to all segments -- low, medium, high-end.

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