Manaksia Ltd: Updates on Closure of Buy-Back Offer

VC Corporate Advisors Pvt Ltd ("Manager to the Buyback") on behalf of Manaksia Ltd ("Target Company") has informed Public Advertisement to the Shareholders / Beneficial Owners of equity shares of the Target Company regarding completion of Buy Back offer in compliance with Regulation 19(7) of Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 & which is in continuation of and should be read in conjunction with a Public Notice cum Public Announcement ("PA") and Corrigendum to PA, to this effect was published on April 30, 2010 and June12, 2010 respectively.

1. THE BUY BACK

1.1. Target Company had announced the Buyback of its fully paid up equity shares of the face value Rs. 2/- each ("Equity Shares") from the existing owners (the "Buyback Offer" or "Offer") other than those who are promoters, promoter group, directors of the Company and of promoters / promoter group, person in control, persons acting in concert holding equity shares of the Company from the Open market using the electronic trading facilities of the Bombay Stock Exchange Ltd ("BSE") and the National Stock Exchange of India Ltd ("NSE") (together "the Stock Exchanges") in accordance with the provisions of Sections 77A, 77AA, 77B and all other applicable provisions, if any, of the Companies Act, 1956 ("the Act"), the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 ("the Buyback Regulations") at a price not exceeding Rs. 200/- per Equity Share ("Maximum Offer Price") payable in cash, for an aggregate amount not exceeding Rs. 5000.00 Lacs ("Maximum Offer Size").

1.2. The Buyback was effected through the Open Market Route using the electronic trading facilities of BSE & NSE.

1.3. The Buyback commenced on May 24, 2010 and closed on March 17, 2011 inclusive of payment obligation. Till closure of Buyback, the Company has utilized Rs. 4014.07 Lacs (including brokerage & other applicable taxes) being 80.28% of the amount authorized for the Buyback.

2. DETAILS OF THE BUYBACK

2.1. The total number of Equity Shares bought back under the Buyback is 40,00,000 Equity Shares.

2.2. The total amount invested in the Buyback is Rs. 4014.07 Lacs.

2.3. The price at which the Equity Shares were bought back was dependent on the price quoted on the BSE and NSE. The highest price at which the Equity Shares were bought back was Rs.121.70 per Equity Share (excluding brokerage & other applicable taxes) while the lowest price was Rs. 72.90 per Equity Share (excluding brokerage & other applicable taxes). The Equity Shares were bought back at an average price of Rs. 100.35 per Equity Share (including brokerage & other applicable taxes).

2.4. The Equity Shares were bought in the demat segment from the Stock Exchanges. As the offer for the Buyback of the Equity Shares of the Company was from the Open Market through Stock Exchange(s), the identity of shareholders from whom Equity Shares exceeding one percent of the total Equity Shares bought in the Buyback is not known.

2.5. As on the date of this Public Announcement 38,01,127 equity shares out of the total 40,00,000 equity shares were extinguished and an application for 1,98,873 equity shares is pending with NSDL for extinguishment.

3. CAPITAL STRUCTURE

3.1 The capital structure of the Company, pre and post Buyback, is as under:

Share Capital - Pre Buyback:-Equity Shares of Rs.2/-each

Paid-up Equity Capital:-Rs.1,390.68 Lacs (69,534,050 Equity Shares of Rs.2/- each fully paid-up)

Share Capital - Post Buyback:-Equity Shares of Rs.2/-each

Paid-up Equity Capital:- Rs.1,310.68 Lacs(65,534,050 Equity Shares of Rs.2/- each fully paid-up)Read More