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Outcome of board meeting of Infinite Computer Solutions India

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Held on 12 October 2016

Infinite Computer Solutions announced that the Board of Directors of the Company at its meeting held on 12 October 2016, approved, subject to the approval of the regulatory authorities, shareholders, Companies Act, 2013, the Securities and Exchange Board of (Buyback of Securities) Regulations, 1998, as amended ("SEBI Buyback Regulations") and such applicable Acts or Rules including amendments, if any, a Buyback of Equity Shares of face value Rs. 10 each of the Company at a Buyback price not exceeding Rs. 270/- (Rupees Two Hundred Seventy only) per Equity Share ("Buyback Price") for a total consideration aggregating upto Rs. 1,50,00,00,000 (Rupees One Hundred Fifty crore Only) ("Buyback Offer Size"), from the existing shareholders of the Company on the record date to be determined on proportionate basis through the "Tender Offer" route as prescribed under the SEBI Buyback Regulations. The Buyback Offer Size represents 24.77% of the Paid- up share capital and free reserves of the Company as on 31 March 2016.

The Board also noted the intention of the Promoter Group of the Company to participate in the proposed Buyback.

Further, the Board has withdrawn the earlier buyback, approved by the Board on 24 August 2016 and the shareholders on 08 October 2016 and will seek fresh approval of the shareholders through Postal Ballot for the revised Buyback offer.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 13 2016. 09:24 IST