Indiabulls Real Estate announced its intention to repurchase equity shares fully paid-up from nominal value Rs. 2/-masing-masing of the shareholders there are beneficial owners of shares/equity of the Target company via the open market using the electronic trading terminals Ltd and national National BSE stock exchange of India Ltd. pursuant to section 12 of the articles of Association of the company and in accordance with section 77A, 77AA and 77B of the company, 1956 (the “Act”) and the Securities and Exchange Board of India (buy back securities) regulations, 1998 at a price not exceeding Rs. 75/-per equity share payable in cash, for an aggregate amount not exceeding Rs. 4.50 bn (“buy back”/”offers a measure of the size”) i.e in 10% of the paid-in capital stock equity there and free up your company is subject to a maximum of 6, 00, 00, 000 of equity shares of Rs. 2/-each.
Price Rs. 75 maximum proposed/-per shares and the amount mobilized Rs. 4.50 bn, number of repurchased shares for equity will be 6.00 entrance, 000, which would combine for approximately 12.66% of equity buy back company stock pre.
Number of shares repurchased will depend on the average price paid to buy back and the amount mobilized in buying back shares, however the number of shares to buy back will not exceed 6, 00, 00, 000 shares of equity.
Subject to the purchase price back less than or equal to Rs. 75/-per shares, the company would buy back at least 50, 00, 000 shares of equity.
Buy back offer duly authorized by a resolution passed by the Board of Directors of the company at a meeting held on December 15, 2011.