Board of Elegant Marbles and Grani Industries approves buyback of shares

At meeting held on 28 November 2017

Elegant Marbles and Grani Industries announced that the Board of Directors of the Company at its meeting held on 28 November 2017, inter alia, has approved the following :

- Approved a proposal to Buyback up to 8,40,000 Equity Shares of the Company for an aggregate amount not exceeding Rs. 17.22 crore (hereinafter referred to as the "Buyback Size"), and being within 25% total paid up equity share capital and free reserves of the Company as at 31 March 2017, at a price of Rs. 205 per Equity Share (hereinafter referred to as the "Buyback Price") from all existing shareholders of the Company on the record date fixed for the said purpose, on a proportionate basis through "Tender Offer" route in accordance with the provisions contained in the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 ("Buyback Regulations") (including any statutory modification(s) or re-enactment of the Act or Buyback Regulations, for the time being in force) and the Companies Act, 2013 and rules made thereunder. The Buyback Size, excludes transaction costs viz. brokerage, applicable taxes such as securities transaction tax, service tax, stamp duty etc ("Transaction Costs"). At Buyback price, the Buyback translates into 8,40,000 Equity Shares of the Company, representing 18.67% of the total paid up equity share capital of the Company as at 31 March 2017.

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