Karvy Investor Services Ltd ('Manager to the Buyback') on behalf of Avantel Ltd ('Target Company') has informed this Post Buyback Public Announcement to the Shareholders / Beneficial Owners of the equity shares of the Target Company, in compliance with the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 and subsequent amendments thereto.
A The Buy back:
The Target Company had announced the buyback (?The Buyback?) of fully paid up equity shares (?Shares?) of Rs. 10/- each of the Company, not exceeding 3,00,000 Shares, from existing owners/ beneficial owners of shares from the open market through stock exchange using electronic trading facilities of BSE Limited (?BSE?) in accordance with Section 77A, 77AA and 77B of the Companies Act, 1956 and SEBI (Buyback of Securities) Regulations 1998, as amended (?Buyback Regulations?), at a price not exceeding Rs. 75/- per share payable in cash for an aggregate amount not exceeding Rs. 210.00 lakhs. A Public Announcement to shareholders/ beneficial owners of the Company (?PA?) was published on May 08, 2013.
The Buyback Offer had opened on May 20, 2013 and closed on June 03, 2013.
B. Details of the Buy back:
The total number of Shares bought back under the Buyback were 3,00,000 Shares (subject to close outs and credit in the Depository Demat Account).
The total amount invested in the Buyback is Rs. 202.38 lakhs (Rupees Two Hundred Two Lakhs and Thirty Eight Thousand only) including brokerage and other charges.
The price at which the shares were bought back was dependent on the price quoted on BSE. The highest and lowest prices at which shares were bought back are Rs. 70.30 per share (21/05/2013) and Rs. 59.00 per share (03/06/2013) respectively on BSE (prices excluding brokerage and other charges). Over all the Shares were bought back at an average price of Rs. 67.46 per share (price including brokerage and other charges).
As the offer for the Buyback of shares was from the open market through stock exchanges, the identity of shareholders from whom shares exceeding 1 % of total shares bought in buyback is not known.
As on the date of this Public Announcement 2,42,051 Shares were extinguished out of the total 3,00,000 Shares bought back and the Company is in the process of extinguishing balance 57,949 shares.
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