Board of Cheviot Company approves proposal for buyback of shares

At meeting held on 24 May 2017

Cheviot Company announced that the Board of Directors of the Company at their meeting held on 24 May 2017 have approved the proposal to Buy Back of up to 2,00,000 fully paid up ordinary shares for an aggregate amount not exceeding Rs. 30,00,00,000/- (Rupees Thirty Crores Only) excluding Company's transaction cost such as brokerage, securities transaction tax, stamp duty and taxes etc. being 4.43 % of the total paid-up share capital, at a price of Rs. 1,500/- (Rupees One Thousand Five Hundred Only) per share payable in cash from the shareholders of the Company as on the record date Friday, 16 June 2017, on a proportionate basis under the 'Tender Offer' route using the stock exchange mechanism in accordance with the provisions contained in the Securities and Exchange Board of India (Buyback of Securities Regulations) 1998, as amended ('Buy Back Regulations'), SEBI Circulars issued in this regard and the Companies Act, 2013 read with rules framed thereunder which is within 10% of the fully paid up share capital and free reserves of the Company as per the latest available Standalone Audited Financial Statement for the financial year ended 31 March 2017.

The Board of directors have also taken on record the Intention of the Promoters of the Company to participate in the Buyback.

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