Netlink Solutions India Ltd Board approves Buy-back of Equity Shares

The Board of Directors of Netlink Solutions India Ltd at their meeting held on February 09, 2018 have considered and decided the Buy-back proposal.

The Board approved proposal to seek approval of the shareholders by means of a Special Resolution through Postal Ballot, for the Proposal to Buy-back of upto 7,41,750 fully Paid-up Equity Shares Rs. 10 each of the Company, from the equity Shareholders of the Company as on a Record Date to be announced later ("Record Date"), for an aggregate amount not exceeding Rs. 1,26,09,750/- (Rupees One Crore Twenty Six Lakhs Nine Thousand Seven Hundred Fifty only) (hereinafter referred to as the "Buy-back Size") being 12.88% of the total paid-up Equity Capital and Free Reserves of the Company as per the latest Audited Balance Sheet as at March 31, 2017, at a price of Rs. 17/- (Rupees Seventeen only) per Equity Share (hereinafter referred to as the "Buy-back Price"). The Buy-back offer is for 25% of the Paid-up Equity Share Capital of the Company. The Buy-back is proposed to be made from all non-promoter shareholders of the Company on a proportionate basis under the "TenderOffer" route using the Stock Exchange mechanism in accordance with the provisions contained in the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 ("Buy-back Regulations"), the Companies Act, 2013, the Companies (Share Capital and Debentures) Rules, 2014 and the Companies (Management and Administration) Rules, 2014 (including any statutory modification(s) or re-enactment thereof for the time being in force).

The Buy-back size does not include any expenses incurred or to be incurred for the Buy-back like securities transaction tax, GST, stamp duty, regulatory / filing fees, merchant bankers fees, advisor: fees, brokerage, public announcement publication expenses, printing and dispatch expenses, and other incidental and related expenses. The Public Announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buy-back Regulations.

Source : Equity Bulls

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