| Avantel - Outcome of Board Meeting |
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Avantel Ltd has informed BSE that the Board of Directors of the Company in their meeting held on July 30, 2009, noted that, the Company has already bought back more than the minimum required number, being 420000 shares. Hence, pursuant to clause 2 of the Public Announcement dated May 07, 2009 read with its Corrigendum on May 25, 2009, and in terms of the resolution passed by the Board of Directors of the Company, it has been decided to close the buyback offer with effect from August 04, 2009, subject to completion of all necessary statutory and regulatory requirements. Extinguishment of all equity shares brought back shall be completed in accordance with applicable clauses of the SEBI (Buyback of Securities) Regulations, 1998, and subsequent amendments thereto.
Also, no order for buy back will be placed with effect from August 04, 2009. As on July 30, 2009, the Company has already brought back 446243 equity shares (subject to closeouts, if any) for an aggregate amount of Rs. 2,18,87,402.90. |
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