Natco Pharma – Buyback of equity shares to commence on Sept 12, 2006
Fortune Financial Services India Ltd (Manager to the Buyback Offer) on behalf of Natco Pharma Ltd (Target Company) has issued this Public Announcement to the Equity Shareholders / Beneficial Owners of the equity Shares of Target Company, for buyback of its fully paid-up equity shares of face value of Rs 10 each from the Equity Shareholders / Beneficial Owners of the Shares of the Company from the Open Market using the Electronic Trading Facilities of the Exchanges. Pursuant to Article 24A of the Articles of Association of the Company and in accordance with the provisions of sections 77A, 77AA, 77B and other applicable provisions, if any of the Companies Act 1956(the Act) and the securities and Exchange Board of India (Buyback of Securities) Regulation 1998 as amended at a price not exceeding Rs 150/- per equity share ( "Maximum Buyback Price") payable in cash, aggregating to an amount not exceeding Rs 700 lakhs (Buyback Size) which represents approximately 5.72% of the total paid up equity capital and free reserves of the Company as on March 31, 2006.
The Company has appointed Fortune Financial Services India Ltd as Merchant Bankers for the captioned buyback of equity shares through Open Market route in terms of SEBI (Buyback of Shares) Regulations 1998 as amended ("Regulations")
Proposed time table for buyback:
Board Meeting approving the Buyback: July 31, 2006
Date of Public Notice: August 02, 2006
Date of opening of the Buyback : September 12, 2006
Last Date for the Buy back : Upon exhaustion of Rs 700 lakhs or July 30, 2007, whichever is earlier or such other date as may be determined by the Company at any time even if the maximum limit of Buyback of shares has not been reached (by giving appropriate notice for such earlier date).
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