Abbott India Ltd Updates on Buyback Offer

Abbott India Ltd has announced that the Company has bought back 807,360 equity shares of Rs 10/- each through a tender offer at a price of Rs 650/- per share in accordance with Section 77A, 77AA and 77B of the Companies Act, 1956, the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 as amended (Regulations) and the Listing Agreement with the Exchange. In terms of the time schedule, the warrants for consideration / share certificates / demat instructions were dispatched to shareholders on March 29, 2007.

The Company has extinguished the said 807,360 equity shares on March 30, 2007 and in view of the same, the issued subscribed and paid up equity share capital of the Company stands reduced to Rs 144,727,400 consisting of 144,72,740 equity shares of Rs 10/- effective March 30, 2007.

Further, consequent to the said share buyback, the Promoters' shareholding stands indirectly increased from 61.70% to 65.14%.

Source : Equity Bulls

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