SJVN Board approves of Buyback of Equity Shares

SJVN Ltd has announced that the Board of Directors of the Company in their meeting held on January 08, 2018, inter alia, has unanimously approved the proposal to buyback not exceeding 20,68,31,325 (Twenty Crore Sixty Eight Lacs Thirty One Thousand, Three Hundred and Twenty Five) equity shares of face value of Rs.10/- each of the Company (representing 5% of the total number of equity shares in the paid-up share capital of the Company) at a price of Rs. 38.75 (Rupees Thirty-Eight and Paisa Seventy-Five only) per equity share payable in cash for an aggregate consideration upto Rs. 8,01,47,13,843.75, being 6.97%, which is not exceeding 10% of the aggregate of the fully paid-up equity share capital and free reserves as per the standalone audited accounts of the Company for the financial year ended March 31, 2017 (the last audited financial statements available as on the date of Board meeting recommending the proposal of the Buyback) from all the equity shareholders of the Company, as on the record date, on a proportionate basis through a “Tender Offer” route in accordance with the provisions contained in the Companies Act, 2013, the Companies (Management and Administration) Rules, 2014, the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 (the “Buyback Regulations”), subject to all other applicable statutory approvals.

Yash Ved
Yash Ved is a Senior Correspondent at NewsBarons and comes with a decade of experience across leading online and offline publications. A keen observer of the stock index movement, Yash also likes covering Real Estate and the BFSI sector. A financial management and Journalism student, Yash believes learning as a continuous journey and enjoys following the IT and the Pharmaceutical industry and has penned many articles on the subjects.