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Crompton Greaves - Board approves Buy-back of equity shares

By Religare

Crompton Greaves Ltd has informed BSE that the Board of Directors of the Company at its Meeting held on June 28, 2013, have approved the following:


Buy-back of fully paid Equity Shares of Rs. 2/- each of the Company, from the open market through the Stock Exchanges, at a price not exceeding Rs. 125/- (Rupees One Hundred and Twenty Five) per share, upto an amount of Rs. 2657 million, being 10% of the total Paid-Up Equity Capital plus Free Reserves as per the audited Balance Sheet of the Company for the year ended March 31, 2012.


At its Board Meeting held on April 18, 2013, the Board of Directors had approved amalgamation of CG-ZIV Power Automation Solutions Limited (a wholly owned subsidiary) (CG-ZIV) with Crompton Greaves Limited, in respect of which, intimation had been given to Stock Exchanges by the letter dated April 18, 2013.

Till date, no actions have been taken with respect to this Amalgamation and pursuant to Regulation 19(2) of the Buy-back Regulations, the Board has taken a decision to postpone the proposed Amalgamation of CG-ZIV with the Company. The Company/CG-ZIV will not be proceeding with filing the Scheme of Amalgamation with the High Court, until closure of the buy-back.

Read more about: crompton greaves
Story first published: Friday, June 28, 2013, 22:57 [IST]
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