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Triveni Engineering and Industries Ltd.

BSE: 532356 Sector: Agri and agri inputs
NSE: TRIVENI ISIN Code: INE256C01024
BSE 00:00 | 24 Apr 2020 Triveni Engineering and Industries Ltd
NSE 05:30 | 01 Jan 1970 Triveni Engineering and Industries Ltd

Outcome of Board Meeting

June 3, 2019, 2:49 pm | Source: BSE

In furtherance of our intimation letter dated May 21 2019 and in terms of Regulation 30 of the LODR Regulations we hereby inform that the board of directors of the Company (Board of Directors) at its meeting held today i.e. June 3 2019 have considered and approved the proposal for buyback of fully paid up equity shares of the Company having a face value of ` 1 (Rupee One only) each (Equity Shares) not exceeding 10000000 (One crore) Equity Shares (representing 3.88% of the paid up equity share capital of the Company as at March 31 2019) at a price of ` 100 (Rupees One hundred only) per Equity Share payable in cash for an aggregate amount not exceeding ` 1000000000 (Rupees One hundred crore only) excluding expenses to be incurred for the Buyback like transaction costs viz. brokerage costs fees turnover charges taxes such as securities transaction tax and goods and services tax (if any) stamp duty advisors fees printing and dispatch expenses and other incidental and related expenses and charges (Buyback Offer Size) from all shareholders of the Company including promoters and members of the promoter group as on the Record Date (the Buyback) on a proportionate basis through the Tender Offer route using mechanism for acquisition of shares through stock exchange as prescribed under Securities and Exchange Board of India (Buy-Back of Securities) Regulations 2018 (the Buyback Regulations) and such other circulars or notifications issued by the Securities and Exchange Board of India and the Companies Act 2013 and rules made thereunder as amended from time to time.

The Buyback Offer Size represents 9.71% and 9.15% of the aggregate of the fully paid-up equity 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 2019 respectively.

The Board of Directors also noted the intention of the Promoters and Promoter Group of the Company to participate in the proposed Buyback.

The Board has constituted a committee called Buyback Committee and delegated its powers to do such acts deeds matters and things as it may in its absolute deem necessary expedient usual or proper in relation to the proposed Buyback.