Mastek: Details of post buy back offer

Karvy Investor Services Ltd ("Manager to the Buy back Offer") on behalf of Mastek Ltd ("Target Company") has informed this Post buy back Public Announcement to the Equity Shareholders / Beneficial Owners of the equity shares of the Target Company, in compliance with the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998 and subsequent amendments thereto.A. The buy back:The Target Company had announced the buyback (“the Buyback”) of fully paid up equity shares (“Shares”) of Rs.5 each of the Company, not exceeding 32,00,000 Shares from existing owners / beneficial owners of Shares from the open market through stock exchange using electronic trading facilities of BSE Limited (“BSE”) and The National Stock Exchange of India Limited (“NSE”) in accordance with Section 77A, 77AA and 77B of the Companies Act, 1956 and SEBI (Buyback of Securities) Regulations 1998 at a price not exceeding Rs.175 per share payable in cash for an aggregate amount not exceeding Rs. 3,600 lakhs. A Public Announcement to shareholders / beneficial owners was published on November The Buyback Offer had opened on November 26, 2012 and closed on February 05, 2013.B. Details of the Buy back:The total number of Shares bought back under the Buyback were 23,88,000 Shares (subject to close outs and credit in the Depository Demat Account).The total amount invested in the Buyback is Rs.3,599.52 Lakhs (Rupees Three Thousand Five Hundred Ninety Nine Lakhs and Fifty Two Thousand only) including brokerage, taxes and other charges.The price at which the Shares were bought back was dependent on the price quoted on BSE and NSE. The highest price at which Shares were bought back was Rs.157.00 per share on BSE (29/1/2013) and Rs.166.85 per share on NSE (01/02/2013) while the lowest price was Rs.132.00 per share on BSE (30/11/2012) and Rs.132.00 per share on NSE (26/11/2012) (all prices excluding brokerage, taxes and other charges). Over all the Shares were bought back at an average price of Rs.150.73 per share (price including brokerage, taxes and other charges).As the offer for the Buyback of Shares was from the open market through stock exchanges, the identity of shareholders from whom Shares exceeding 1% of total Shares bought in buyback is not known.As on the date of this Public Announcement 18,43,611 Shares are extinguished out of the total 23,88,000 Shares bought back and the company is in the process of extinguishing balance 5,44,389 Shares.C. Capital Structure:Authorised Capital:Before the Buyback - 4,00,00,000 Equity Shares of Rs.5 each & 2,00,00,000 Preference Shares of Rs.100 eachAfter the Buy back - 4,00,00,000 Equity Shares of Rs.5 each & 2,00,00,000 Preference Shares of Rs.100 eachIssued, subscribed and paid - up capitalBefore the Buyback - 2,70,26,187 Equity Shares of Rs.5 each fully paid upAfter the Buy back - 2,46,38,187 Equity Shares of Rs.5 each fully paid up##Subject to extinguishment of 5,44,389 Shares brought back.Source : BSE

Read all announcements in Mastek

Read More