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S&P
BSE SENSEX
73,730.16
-609.28
-0.82 %
Corporate Announcement
Security Code
533206
Company
SJVN Ltd
Exchange Disseminated Time
Board approves of Buyback of Equity Shares |
01/09/18 08:43
SJVN Ltd has informed BSE that the Board of Directors of the Company in their meeting held on January 08, 2018, inter alia, has unanimously approved the proposal to buyback not exceeding 20,68,31,325 (Twenty Crore Sixty Eight Lacs Thirty One Thousand, Three Hundred and Twenty Five) equity shares of face value of Rs.10/- each of the Company (representing 5% of the total number of equity shares in the paid-up share capital of the Company) at a price of Rs. 38.75 (Rupees Thirty-Eight and Paisa Seventy-Five only) per equity share payable in cash for an aggregate consideration upto Rs. 8,01,47,13,843.75 (Rupees Eight Hundred One Crore Forty Seven Lacs Thirteen Thousand Eight Hundred Forty Three and Paisa Seventy Five only), being 6.97%, which is not exceeding 10% of the aggregate of the fully paid-up equity share capital and free reserves as per the standalone audited accounts of the Company for the financial year ended March 31, 2017 (the last audited financial statements available as on the date of Board meeting recommending the proposal of the Buyback) from all the equity shareholders of the Company, as on the record date, on a proportionate basis through a "Tender Offer" route in accordance with the provisions contained in the Companies Act, 2013, the Companies (Management and Administration) Rules, 2014, the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 (the "Buyback Regulations"), subject to all other applicable statutory approvals.
The Board of Directors noted the intention of one of the Promoter of the Company i.e. President of India, acting through and represented by Ministry of Power, Government of India to participate in the proposed Buyback.
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