Indiabulls Securities has received board’s approval for buy-back of equity shares of the company under sub-section (2) of Section 77A of the Companies Act, 1956.
The process is subject to complying with the provisions of Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 and approval by members by way of special resolution, to be obtained through postal ballot pursuant to Section 192A of the Companies Act.
“The proposed buy-back will be from the open market through stock exchanges at a price not exceeding Rs 33 per equity share with total aggregate consideration for the buy-back limited to Rs 83.18 crore, being 25 per cent of the total paid up capital and free reserves as per audited balance sheet of the company for the year ended March 31, 2008,” a company release said.
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