Abbott India Buy-Back Offer to open on November 6

Kotak Mahindra Capital Company Ltd ("Manager to the Offer") on behalf of Abbott India Ltd (Target Company), has issued this Public Announcement ("PA") in accordance with the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998, as amended.

The Target Company hereby announces the buy back ("Buyback") of 8,07,360 fully paid-up equity shares ("Buyback Shares") of the face value of Rs 10 each ("Shares") from the existing owners of the Shares of the Company through a tender offer, in accordance with Section 77A, 77AA, 77B of the Companies Act, 1956 ("Act") and the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998, as amended ("Regulations"), at a price of Rs 650 per share ("Buyback Price") payable in cash, for an aggregate amount of Rs 52,47,84,000 ("Buyback Size"). The Buyback Size represents 25% of the aggregate of the Company's paid-up equity capital and eligible free reserves as on November 30, 2005, being the date of the last audited balance sheet of the Company.

Proposed time table for buyback:

Specified Date: October 20, 2006.
Buyback Opens on: November 06, 2006.
Buyback Closes on: November 21, 2006.

Source : Equity Bulls

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