Pennar Industries at its meeting held on June 10, 2013, has approved buy back of the Company's fully paid-up equity shares of Rs. 5/- each from open market through the Stock Exchange mechanism for an amount not exceeding Rs. 10 Crores at prevailing market price on the Stock Exchanges.
Pennar Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 10, 2013, keeping in view of the current satisfactory operations of the Company and to maximize returns to investors and enhance overall shareholder value by returning surplus funds to shareholders in an investor-friendly manner and as an efficient mechanism for providing an exit opportunity to those shareholders who desire to do so, in a manner that does not substantially impact the market price of the Company's shares to the detriment of the continuing shareholders and expecting the Buyback also to enhance the earnings per share of the Company in future and create long-term shareholder value, has approved Buy back of the Company's fully paid-up equity shares of Rs. 5/- each from open market through the Stock Exchange mechanism for an amount not exceeding Rs. 10 Crores [Rupees Ten crores only) at prevailing market price on the Stock Exchanges subject to a price not exceeding Rs. 40/- per equity share and subject to a maximum of 40,00,000 equity shares and minimum of 10,00,000 equity shares, in accordance with the provisions contained in the Articles of Association, Section 77A, 77AA, 77B and other applicable provisions of the Companies Act, 1956 and the provisions contained in the Securities and Exchange Board of India [Buy Back of Securities] Regulations 1998 including any statutory modifications and amendments from time to time for the time being in force.Source : BSE
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