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Jindal Poly Films Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 14, 2008, inter alia, has approved, the proposal for Buy-back of Equity Shares of the Company under sub-section (2) of section 77A of the Companies Act, 1956. The proposed Buy-back will be subject to complying with the provisions of SEBI (Buy-back of securities) Regulations, 1998 and approval, by shareholders by way of special resolution to be obtained by postal ballot.

The proposed Buy-back will be from open market and through stock exchanges, upto a maximum of 70,23,970 equity shares, being 25% of the total existing Equity Shares of the Company; at a price not exceeding Rs 350 per share with total aggregate consideration for the Buy-back limited to Rs 150.00 crore (Rupees One hundred fifty crore).

Assuming, the Company buys back all the shares under the buy-back, the public shareholding in the Company after the proposed Buy-back would be 26.4%

Tags: Jindal Poly

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