ICI India Updates on Buy Back of Equity Shares

ICI India Ltd has announced that the Company has appointed ICICI Securities Ltd as the Merchant Banker and ICICI Brokerages Services Ltd (IBSL) as the Broker for the Buy Back offer made by the Company. The Buy-Back will be effected from the Open Market only through the Stock Exchange, Mumbai (BSE) and National Stock Exchange (NSE) using its electronic trading facilities starting on September 29, 2006.

IBSL will be the only Broker Member authorized to buy back the shares.
The Company further informed that the Broker Member buying the shares in physical mode under the Buy Back will accept equity share certificates of any denomination.

The proposed timeline for the buyback of equity shares of the Company is specified below:

Date of Board Meeting approving the Buyback: July 25, 2006

Special Resolution passed by the Shareholders approving the Buyback through Postal Ballot: September 14, 2006

Date of Public Announcement: September 22, 2006

Date of opening of the Buyback: September 29, 2006

Acceptance of Shares: Within 15 days of the relevant payout dates of the Stock Exchanges

Extinguishment of Shares: Within 7 days of acceptance as above

Last Date for the Buyback: Upon exhaustion of Rs 131.23 crores or September 13, 2007, whichever is earlier.

Source : Equity Bulls

Keywords