Gujarat Fluorochemicals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 10, 2008, inter alia, to consider adoption of Annual Accounts of the Company, to consider Audited Financial Results for the year ended on March 31, 2008 and to consider and recommend dividend, if any, for the Financial Year ended on March 31, 2008.
Gujarat Fluorochemicals Ltd has informed BSE that the Company has issued a Public Notice dated March 21, 2008 to its shareholders in respect of buy-back of shares from the open market through the Stock Exchanges by Board Resolution Route.
For further details please refer to the notice no 20080325-29 dated March 25, 2008.
Gujarat Fluorochemicals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 21, 2008, inter alia, has decided the following:
1. The Board has decided, pursuant to Article 8A of the Articles of Association of the Company, applicable provisions of the Companies Act, 1956 (”the Act”) including section 77A, 77AA and 77B and provisions of Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 1998 (”the Regulation”) including any modification or re-enactment of the Act, Rules framed there under or the Regulations subject to approval/s as may be necessary, from time to time from statutory authorities including but not limited to SEBI, Stock Exchanges, RBI, etc., and further subject to such conditions as may be prescribed while granting such approval/s which may be agreed to by the Board of Directors (”the Board” which term shall be deemed to include, any duly authorized committee thereof), the Company do purchase / Buy-Back its fully paid up Equity Shares of the face value of Rs 1/- each at a price not exceeding Rs 300/- per Equity Share and total amount of the Buy-Back not exceeding Rs 614.33 millions (”the Buy-Back”) which represents approximately 10% of the aggregate of the Company’s paid-up Equity capital and free reserves eligible for use in Buy-Back as at March 31, 2007 within the maximum permissible limit of 10% as per the provisions of Section 77A of the Companies Act, 1956 and that the Buy-Back of the fully paid-up Equity Shares of the Company shall be implemented from the open market through purchases in Stock Exchanges with electronic trading facility.
2. The Board has further decided to declare Second Interim Dividend for the financial year 2007-08 @ Re 1 per equity share (100%).
With reference to the earlier announcement dated March 10, 2008 regarding a meeting of the Board of Directors of the Company is scheduled on March 21, 2008 for consideration of a proposal to buy-back Equity Shares of the Company, Gujarat Fluorochemicals Ltd has informed BSE that at the said Meeting, the Board of Directors of the Company will also consider a proposal for declaration of second interim dividend for the financial year 2007-08.