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Stock Report
MRO TEK Buy Back Offer at Rs.55 to open on May 21, 2007
Posted On : 2007-05-11 00:42:29( TIMEZONE : IST )
Karvy Investor Services Ltd ("Merchant Banker to the BuyBack") on behalf of MRO-TEK Ltd ("Target Company") has issued this Public Announcement to the shareholders / Beneficial owners of the Target Company, in compliance with the Securities & Exchange Board of India (Buy-back of Securities) Regulations, 1998.
The Buyback:
The Target Company hereby announces the buyback ("the Buyback") of maximum of 25,60,000 its fully paid-up equity shares of the nominal value of Rs 5 each, being 12.34% of its total existing Paid-up Equity Capital comprising of 2,07,41,528 fully paid-up equity shares of Rs 5 each at a price not exceeding Rs 55 per equity share ("maximum Offer Price") payable in cash, to be financed out of the Free Reserves, such that the aggregate consideration for shares to be bought back does not exceed Rs 8,25,00,000 ("Offer Size"), being 9.81% of the paid up equity share capital and free reserves based on the audited accounts as on March 31, 2006, from the existing shareholders and Beneficial owners of the shares of the Company from the open market through the Stock Exchange(s) using the electronic trading facilities of the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Ltd (NSE) ( together the stock Exchanges) in accordance with the provisions of sections 77A, 77AA and 77B of the companies Act 1956 (the Act), the Securities and Exchange Board of India (Buy Back of Securities) Regulations 1998 (the Buy Back Regulation) and the relevant provision of the Articles of Association of the Company.
Schedule of activities:
Date of Opening of Buyback: May 21, 2007
Acceptance of Shares: Within 7 days of the relevant pay out dates of the respective Stock Exchanges
Extinguishment of shares: Within 15 days of Acceptance as above
Last Date for the Buyback: March 29, 2008 or when the Company has completed buyback to the extent of 25,60,000 shares under the offer or the date as may be decided by the Board of Directors of the Company, whichever is earlier.
