Infinite Computer Solutions (India) Ltd has informed BSE that in reference to the proposed Buyback offer of equity shares by the Company approved in its Board Meeting held on August 24, 2016 and the approval of the members of the Company accorded through special resolution passed through Postal Ballot on October 08, 2016.
In this regard, the Board of Directors of the Company at its meeting held on October 12, 2016, approved, subject to the approval of the regulatory authorities, shareholders, Companies Act, 2013, the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998, as amended ('SEBI Buyback Regulations') and such applicable Acts or Rules including amendments, if any, a Buyback of Equity Shares of face value Rs. 10 each of the Company at a Buyback price not exceeding Rs. 270/- (Rupees Two Hundred Seventy only) per Equity Share ('Buyback Price') for a total consideration aggregating upto Rs. 1,50,00,00,000 (Rupees One Hundred Fifty Crores Only) ('Buyback Offer Size'), from the existing shareholders of the Company on the record date to be determined on proportionate basis through the 'Tender Offer' route as prescribed under the SEBI Buyback Regulations. The Buyback Offer Size represents 24.77% of the Paid- up share capital and free reserves of the Company as on March 31, 2016.
The Board also noted the intention of the Promoter Group of the Company to participate in the proposed Buyback.
Further, the Board has withdrawn the earlier buyback, approved by the Board on August 24, 2016 and the shareholders on October 8, 2016 and will seek fresh approval of the shareholders through Postal Ballot for the revised Buyback offer.
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