Zensar Technologies Limited has informed that the Board of Directors of the Company at its meeting held on July 23, 2009, has approved the buyback of equity shares of the Company at a price not exceeding Rs 165/- per equity share and an aggregate amount to be expended by the Company for the buyback not exceeding Rs 40.00 Crores in accordance with the provisions of the Companies Act, 1956.
The buyback would be subject to customary/statutory approvals and is also subject to the approval of the equity shareholders of the Company by means of a postal ballot.
The Board has formed a Committee of Directors and has delegated powers to take all steps to effect the buyback and decide all issues & matters In this respect.
The promoters of the Company have indicated their Intention to participate in the proposed buyback. The details of the extent of their participation will be made available in the explanatory statement annexed to the notice of postal ballot for the special resolution, to be approved by the equity shareholders of the Company.
The public announcement setting out the detailed timeline for the buyback and other statutory details will be released in due course in accordance with the SEBI (Buy Back of Securities) Regulations, 1998, as amended.
The buyback would be subject to customary/statutory approvals and is also subject to the approval of the equity shareholders of the Company by means of a postal ballot.
The Board has formed a Committee of Directors and has delegated powers to take all steps to effect the buyback and decide all issues & matters In this respect.
The promoters of the Company have indicated their Intention to participate in the proposed buyback. The details of the extent of their participation will be made available in the explanatory statement annexed to the notice of postal ballot for the special resolution, to be approved by the equity shareholders of the Company.
The public announcement setting out the detailed timeline for the buyback and other statutory details will be released in due course in accordance with the SEBI (Buy Back of Securities) Regulations, 1998, as amended.
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