IFCI is a term lender in India promoted by financial institutions and banks including LIC, and had no single promoter or majority shareholder till now, with 100% of its shareholding with a diverse body of domestic and foreign shareholders.
Business Standard has reported that IFCI Ltd has decided to proceed with the conversion of Government of India bonds worth INR 923 crore (INR 9.23 billion) into equity. The board of directors of the Company has decided to proceed with the conversion of optionally convertible debentures/bonds(OCBs) held by the Government of India for INR 400 crore (INR 4 billion) and financial assistance of INR 523 crore (INR 5.23 billion), IFCI said in a filing on the BSE.
IFCI will now become a Government of India company, which has its pros and cons. Pros include safety net of a govt. company against fraud and access to capital at all times, and cons include reduced aggression and speed in the capital markets, which IFCI was able to execute as an independent company till now.
Karvy Investor Services Ltd (“Manager to the Buyback”) on behalf of Indiabulls Real Estate Ltd (“Target Company”) has informed this Post Buy-back Public Announcement to the Shareholders / Beneficial Owners of equity shares of the Target Company in compliance with the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998 and subsequent amendments thereto.
A. The Buy-back
The Target Company had announced the buyback (“the Buyback”) of fully paid up equity shares (“Shares”) of Rs. 2/- each of the Company, not exceeding 6,00,00,000 equity shares, from the existing owners/ beneficial owners of equity shares from the open market through stock exchanges using electronic trading facilities of BSE Ltd (“BSE”) and the National Stock Exchange of India Ltd (“NSE”) in accordance with Section 77A, 77AAand 77B of the Companies Act. 1956 and SEBI (Buyback of Securities) Regulations, 1998 at a price not exceeding Rs. 75/- per share payable in cash for an aggregate amount not exceeding Rs. 450.00 crores (Rupees Four Hundred and Fifty Crores Only). A Public Announcement to public/shareholders (“PA”) was issued / published on December 24, 2011 and a Corrigendum to the Public Announcement was issued / published on April 24, 2012. The Buyback Offer had opened on April 30, 2012 and closed on December 14, 2012. Continue reading Indiabulls Real Estate – Share Buy-back Offer Closure→
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