Apcotex Industries Limited - Public Announcement - Buyback of Shares

Apcotex Industries Limited,Public Announcement,Buyback of Shares, Buyback
Karvy Investor Services Limited has informed the Exchange that this Public Announcement ("PA") dated December 07, 2009 is made pursuant to the provisions of Regulation 8(1) read with 15(c) of the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998 for the time being in force including any statutory modifications and amendments from time to time ("BuyBack Regulations") and contains the disclosures as specified in Schedule II of the Buy-Back Regulations. The Buy-Back Offer and Price : Apcotex Industries Ltd ("Apcotex" or "the Company") hereby announces the Buy-back of its fully paid-up equity shares of the face value of Rs. 10/- each ("Equity Shares") from the existing registered shareholders / beneficial owners of the Equity Shares of Apcotex ("Buy-back") through the open market using the nationwide electronic trading terminals of the Bombay Stock Exchange Limited ("BSE") and the National Stock Exchange of India Limited ("NSE" and together with BSE, the "Stock Exchanges") pursuant to Article 23(b) of the Articles of Association of the Company and in accordance with Sections 77A, 77AA and 77B of the Companies Act, 1956 (the "Act") and the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998 (the "Buy-back Regulations") at a price not exceeding Rs.90/- per equity share ("Maximum Offer Price") payable in cash, for an aggregate amount not exceeding Rs.360 Lacs ("Maximum Offer Size") i.e. within 10% of the existing paid-up equity share capital and free reserves of the Company as on March 31, 2009 (the date of the last Audited Accounts) constituting upto a maximum of 4,00,000 equity shares ("Maximum Offer Shares") of Rs.10/- each. The Date of opening of the Buy-Back is December 21, 2009. The Last Date for the Buy-Back is October 15, 2010. However, the Board in its absolute discretion may decide to close the Buy-Back of Shares at such earlier date as may be determined by the Board in the event the Minimum offer size has been reached for Buy-Back or upon utilization of Rs.360 Lacs by giving an appropriate notice for closing date and completing of all formalities required as per relevant laws and regulations. There would be a completion of all payment obligations in respect of Buy-Back prior to last date of Buy-Back.