Natco Pharma to buy back 5.72% shares through open market upto Rs.150

Fortune Financial Services (India) Ltd has made a public announcement in connection with the proposed buyback of equity shares by Natco Pharma Ltd in terms of SEBI (Buyback of shares) Regulation 1998 as amended and the applicable provision of the Companies Act 1956. Natco Pharma Ltd. hereby announces the buyback of its fully paid-up equity shares of the face value Rs.10 each (´Shares´) from the equity sharesholders/beneficial owners of the shares of the Company from the open market using the electronic trading facilities of Bombay Stock Exchange Ltd. and/or National Stock Exchange of India Ltd (herein after collectively referred to as ´the Stcok Exchange´) , pursuant to Artcle 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 (´the Buyback Regulation´ or ´the regulations´) at a price not exceeding Rs.150 per equity shares (´Maximum buyback price´) payable in cash, aggregating to an amount not exceeding Rs.700 lakhs (rupees Seven Hundred lakhs - hereinafter referred to as the 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 date of the last audited accounts).Proposed time table is as follows: (1) The date of opening of the Buy-Back - September 12, 2006 (2) The 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).

Source : Equity Bulls

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