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• Annual Report 2018-19
Shaping the future of software driven business
d) Buyback of Equity Shares of the Company
The Board of Directors, at its meeting in January 2019, approved the buyback of the Company’s fully paid-up equity shares
of the face value of
`
10 each from its shareholders/beneficial owners excluding promoters, promoter group and persons
who are in control of the Company, via the “open market” route through the stock exchanges, for a total amount not
exceeding
`
2,250 million (“Maximum Buyback Size”), and at a price not exceeding
`
750 per Equity Share (“Maximum
Buyback Price”).
The indicative maximum number of Equity Shares bought back at the above maximum price would be 3,000,000. If the
Equity Shares are bought back at a price below the Maximum Buyback Price of
`
750, the actual number of equity shares
bought back could exceed the above indicative Maximum Buyback quantity but will always be subject to the Maximum
Buyback Size.
The Buyback shall be from the open market purchases through the stock exchanges, by the order matching mechanism
except ‘all or none’ order matching system, as provided under the Buyback Regulations.
The Company will fund the buyback from its securities premium account, free reserves and/or such other source as may
be permitted.
The buyback of equity shares through the stock exchanges commenced on February 8, 2019 and is expected to be
completed by August 7, 2019 or reaching the Maximum Buyback Size, whichever is earlier.
During the period from February 8, 2019 to March 31, 2019, 881,098 equity shares were purchased from the stock
exchanges as follows: (a) 368,851 Equity Shares which have been purchased and extinguished as of March 31, 2019; (b)
447,981 Equity hares which have been purchased but not extinguished as of March 31, 2019; and (c) 64,266 shares which
have been purchased but have not been settled and therefore not extinguished as of March 31, 2019. The Company has
completed the extinguishment of remaining Equity Shares of 512,247 on April 9, 2019.
Consequently, the paid-up capital of the Company has been reduced from
`
800.00 million to
`
791.19 million comprising
of 79,118,902 Equity Shares of
`
10 each.
e) Details of shareholders holding more than 5% shares in the Company
Name of the shareholder*
As at
March 31, 2019
As at
March 31, 2018
No. in million % Holding
No. in million % Holding
Dr. Anand Deshpande jointly with Mrs. Sonali Anand
Deshpande
22.95
29.01
22.93
28.66
* The shareholding information is based on legal ownership of shares and has been extracted from the records of the
Company including register of shareholders / members.
Notes forming part of financial statements (Contd.)
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