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Monnet Ispat Makes Buy-Back Offer

2/24/2012 6:50 AM ET

Monnet Ispat Ltd., through Religare Capital Markets Ltd., made an open offer to buy-back its equity shares of Rs.10 each from the open market through stock exchanges at a price of Rs.500 apiece for a maximum amount of Rs.100 crore

The maximum offer size represents 4.97 percent of the aggregate of the company's total paid-up equity capital and free reserves as on March 31, 2011. The aggregate stand-alone paid up capital and free reserves of the company as at March 31, 2011 is Rs.2,011.44 crore.

The company proposes to buy-back a minimum of 6,00,000 equity shares and an indicative maximum of 20,00,000 equity shares, which is the maximum number of equity shares that can be bought back by the company, at the proposed maximum offer price per share and for an aggregate consideration amount of Rs.100 crore.

The date of opening and closing of buy-back is March 15 and December 21, 2012, respectively.

At the BSE, Monneset Ispat closed Friday's trading at Rs.479, down by 1.18 percent from the previous close.

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by RTT Staff Writer

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