Jenburkt Pharma approves buyback of equity shares

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Jenburkt Pharmaceuticals Ltd has informed BSE that the Board of Directors of the Company at their meeting held on September 09, 2017, inter alia, have approved the Buyback of its fully paid-up equity shares of face value of Rs. 10/- (Rupees Ten Only) each ("Equity Shares"), from its equity shareholders, as on record date to be announced in due course of time, for an amount not exceeding Rs.12 Crore (Rupees Twelve Crore only) ("Buyback Size"), at a price of Rs. 576/- (Rupees Five Hundred Seventy Six) per Equity Share ("Buyback Price"), which is 22.37% of the fully paid-up equity share capital and free reserves as per the latest audited balance sheet of the Company for the financial year ended on March 31, 2017; the Buyback offer will comprise a purchase of up to 208333 equity shares, representing 4.48% of the paid up equity capital of the Company. The Buyback offer will be on a proportionate basis through the Tender Offer route as prescribed under the Buyback Regulations, from all of the equity shareholders/ beneficial owners who hold Equity Shares on the record date for the proposed Buyback, which will be determined in due course.

The Buyback Size does not include transactions costs viz. brokerage, applicable taxes such as securities transaction tax, GST, stamp duty, any expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India (“SEBI”), advisors fees, fees and charges payable to BSE Limited, public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses.

The Board took note that the Buyback price represents a Premium of 21% over the closing price of the Company’s equity shares at BSE Ltd, on the previous trading date i.e. September 08, 2017.

Yes Securities (India) Limited has been appointed as the Manager to the proposed Buyback offer.

The proposed Buyback is subject to approval of shareholders by way of a special resolution through a postal ballot, in accordance to the Companies Act, 2013, rules made thereunder, as amended, from time to time and all other applicable statutory approvals.

The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.

The Board of Directors have formed a committee (the "Buyback Committee") and has delegated its powers, to the Buyback Committee to do all such acts, deeds, matters and things as it may, in its sole discretion, deem necessary, expedient, usual or proper in connection with the Buyback.Source : BSE

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