Tag Archives: Equity Buy Back

Panacea Biotec BoD Approves Share Buy Back on 30 Dec 2009

Panacea Biotec Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 30, 2009, inter alia, considered and approved the buy-back of its Equity Shares of Re. 1/- each, by way of Open Market Purchases through Stock Exchanges, subject to the approval of Shareholders by way of Postal Ballot and exemption by SEBI under the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997.

The Board has also, inter-alia, decided on the following:
1. Appointment of M/s. SPA Merchant Bankers Ltd. as the Merchant Bankers for the proposed buy-back of Equity Shares.
2. Approved maximum buy-back price as Rs. 189/- per Share.
3. Approved the notice of Postal Ballot for obtaining the approval of Shareholders for buy-back of Equity Shares.
4. The maximum number of shares proposed for buy-back as 55,92,000 Equity Shares for an aggregate amount not exceeding Rs. 105.69 Crore