Indo Asian Fusegear Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 09, 2011 have approved the Buy-Back of the Company's fully paid up equity shares of Rs. 10/- each from the existing shareholders other than the promoters of the Company from the open market using the electronic trading facilities of the stock exchanges in accordance with the provisions of Sections 77A, 77AA and 77B of the Companies Act, 1956 read with Article 5A of the Articles of Association of the Company and the SEBI (Buy-Back of Securities) Regulations 1998, as amended from time to time, at a price not exceeding Rs. 130/- per Equity share payable in cash for an aggregate amount not exceeding Rs. 23.19 Crore, the maximum number of shares that can be bought back would be 17,84,162 Equity shares. The offer size represents 6.45% of the aggregate of the Company's paid up equity capital and free reserves as on March 31, 2011 and is subject to regulatory approvals.Source : BSE
