Danlaw Technologies India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 22, 2017, has approved a proposal to buyback up to 7,44,060 Equity Shares which representing 20% of the total paid up equity share capital of the Company at a price of Rs. 65/- (Rupees Sixty five only) per Equity Share (hereinafter referred to as Maximum Buyback Price?) of the Company for an aggregate amount not exceeding Rs. 4,83,63,900 (Four Crores, Eighty Three Lakhs, Sixty Three Thousand, Nine Hundred Only) (hereinafter referred to as ?Buyback Size?) (being 21.62% of the total paid up equity share capital and free reserves of the Company as per the audited accounts of the Company for the year ended March 31, 2017).
The Company proposes to Buyback through Tender Offer method on a proportionate basis in accordance with Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1999 and amendments thereto (?Buyback Regulations?) and the Companies Act, 2013 (?Act?) (the ?Buyback?).
The Buyback would be subject to approval of shareholders of the Company by way of Special Resolution through Postal Ballot and all other applicable statutory approvals, if any.
Karvy Investor Services Limited has been appointed as the Manager to the Buyback.
The pre-buyback Shareholding pattern as on September 15, 2017 is enclosed in Annexure A.
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