Navin Fluorine International Ltd: Updates on Buy back Offer

Keynote Corporate Services Ltd ("Manager to the Buyback") on behalf of Navin Fluorine International Ltd ("Target Company"/ "Company") has issued this Post Buy Back Public Announcement to the Equity Shareholders / Beneficial Owners of the equity shares of the Target Company, which is in continuation of & should be read in conjunction with the Public Announcement ("PA") issued on November 12, 2010, in compliance with the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 1998 & subsequent amendments thereof.

A. The Buy-back:

The Target Company had announced the buy-back ("Buy Back") of 3,38,792 fully paid up equity shares of Rs. 10/- each of the Company, from the existing owners/ beneficial owners of the equity shares of the company through "tender offer route" in accordance with Section 77A, 77AA, 77B of the Companies Act, 1956 and the SEBI (Buy-Back of Securities) Regulations 1998 at a price of Rs. 400/- per share payable in cash for an aggregate amount of Rs. 1355.17 Lacs.

The Buy-Back was effected through the tender offer route.

The Buy-Back Offer was open from January 07, 2011 to February 05, 2011.

B. Details of the Buy- back:

The total number of shares bought back under the Buy-Back is 3,38,792 equity shares of Rs. 10/- each at Rs. 400/- per equity share.

The total amount invested in the Buy-Back is Rs. 1355.17 Lacs.

The Target Company received 10521 valid applications for 26,57,343 equity shares in response to the Buy-Back Offer leading to the subscription of 784.36 %. All the valid applications were considered for acceptance, Communication for rejection of invalid applications has been sent to the respective applicants on February 19, 2011. Consideration has been dispatched to the successful applicants whose equity shares have been accepted in the Offer by February 26, 2011 and the balance equity shares remaining after proportionate acceptance were credited back to the respective shareholders by February 24, 2011. In case of Shareholders holding shares in physical form, balance share certificates were dispatched to the successful applicants whose equity shares have been proportionately accepted in the Offer by February 26, 2011. 3,38,792 equity shares (3,14,113 in demat mode and 24,679 in physical mode) of Rs. 10/- each were accepted in the present Buy-Back Offer and have been extinguished.

C. Capital Structure:

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Share CapitalPre Buy-Back (as mentioned in the Post Buy-Back
Letter of Offer)(as on March 05, 2011)
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No of EquityAmout (Rs in No of EquityAmount (Rs in 
Shareslacs)SharesLacs)
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Authorised Capital3,50,00,0003,500.003,50,00,0003,500.00
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Issued & Subscribed
& Paid-up Capital1,00,99,8891,009.55*97,61,097975.67*
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* After Adjusting, Calls in arrears of Rs 0.44 lacsRead More