ANG AUTO goes for Buy Back Plan....@215 when CMP is 82!

Friends,
ANG Auto has announced a Buy Back for its eq at the rate of 20% of the price over that were quoted in 3 rd Jan 08.....
I hope Mr Siva will have no grievences for this ....!

ANG Auto - Buy back Offer

Chartered Capital & Investments Ltd ("Manager to the Buyback") on behalf of ANG Auto Ltd ("Target Company") has issued this Public Announcement ("PA") to the Equity Shareholders / Beneficial Owners of the Target Company, pursuant to the provisions of Regulation 8(1) read with Regulation 15(C) & in compliance with the Securities & Exchange Board of India (Buy Back of Securities) Regulations, 1998, as amended & contains the disclosures as specified in Schedule II to these Regulations.The Target Company hereby announces the buy-back ("Buyback") of its own fully paid-up Equity Shares of the face value of Rs 10 each ("Shares") from the owners of Equity Shares of the Company from the open market through Stock Exchange using the electronic trading facilities of the Bombay Stock Exchange Ltd ("BSE") and National Stock Exchange of India Ltd ("NSE") ("Stock Exchanges"), in accordance with the provisions of Sections 77A, 77AA, 77B and all other applicable provisions, if any, of the Companies Act, 1956 ("the Act") & the Securities & Exchange Board of India (Buy Back of Securities) Regulations, 1998 as amended ("the Buy-back Regulations") & the relevant provisions in the Articles of Association of the Company, at a price not exceeding Rs 215 per share ("Maximum Buyback Price") payable in cash, for an aggregate amount not exceeding of Rs 1612.50 lacs (Rupees Sixteen crore Twelve lac Fifty thousand only) ("the Buyback Size"). The Buyback Size at the maximum level represents 24.30% of the aggregate of the Company's paid-up Equity Share Capital & Free Reserves as on March 31, 2007.The Aggregate Paid up equity Share capital & Free Reserves of the Company as at March 31, 2007 was Rs 6636.03 lacs. At the Maximum Buyback Price of Rs 215 per Share & for the Buyback Size not exceeding Rs 1612.50 lacs, the maximum number of Shares that can be bought back would be 7,50,000 Shares, representing 6.62% of the outstanding fully paid up Equity Shares of the Company as on March 31, 2007. In the event of the average purchase price being lower than Maximum Buyback Price of Rs 215/-, the maximum number of Equity Shares that can be bought back (i.e 7,50,000 Equity Shares) would not stand altered, resulting in the Maximum Buyback Size of Rs 1612.50 lacs standing reduced proportionately. The maximum amount that will be utilized for the buyback will not exceed 25% of the aggregate of paid up Equity Share capital & Free Reserves of the Company as on March 31, 2007. The Maximum Buyback Price of Rs 215/- per share offers a premium of approximately 29.40% over the closing price prevailing at the date of Board Meeting held on November 12, 2007 for approving the Buyback. The Maximum Buyback Price of Rs 215/- per share offers a premium of approximately 20.11% over the closing price prevailing at the date of passing of the special resolution by approval of shareholders through postal ballot, i.e. January 03, 2008.The maximum amount required by the Company for the said Buyback aggregating to Rs 1612.50 lacs will be met out of the current reserves & surplus and/or cash balances and/or internal accruals of the Company.Schedule of activities:Board Meeting approving the Buy Back - November 12, 2007Special Resolution passed by the Shareholders approving the Buyback through Postal ballot : January 03, 2008Date of Public Announcement - July 07, 2008Date of opening of the Buyback - July 18, 2008Acceptance of Shares - Within 15 days of the relevant payout dates of the Stock ExchangesExtinguishment of Shares - Within 7 days of acceptance as aboveLast Date for the Buy-back - January 02, 2009 or when company completes the buyback to the extent of Rs 1612.50 lacs or such earlier date as may be directed by the Board of Directors at any time (by giving appropriate notice of such earlier date, if any) whichever is earlier.All payment obligations related to the Buyback shall be completed by the last date for the Buyback.