Infomedia - Buy Back Means Confidence In Company

Infomedia India Limited has informed the Exchange that the Board of Directors of the Company have considered and approved the Scheme of Arrangement for buy back of the Equity Shares of the Company under Section 391 of the Companies Act, 1956. The company has further informed that, in its pursuit of inorganic growth, the Company recently announced the acquisition of Keyword Group Limited and Cepha Imaging Pvt. Ltd. Its other strategic initiative was the Joint Venture with Reed Elsevier. After committing funds towards these strategic ventures, the Company is desirous of returning surplus funds to its shareholders and restructuring its capital base. This initiative is also aimed at increasing shareholders value.

The salient features of the Scheme are as under :- 1) The Company shall buy back its Equity Shares representing 14% of its paid-up Equity Capital. The buyback shall be across the board from all the shareholders. 2) The consideration for buy back shall be Rs.245/- per Equity Share. 3) The shareholders holding less than 50 Equity Shares per ledger folio / Client ID will have an option to tender their entire holdings over and above 14% of their shares, at the consideration of Rs. 245/- per share. 4) The shares so bought back shall be cancelled. 5) The Scheme as envisaged will not affect the shareholding pattern of the Company materially. 6) The Scheme as approved by the Board is subject to such approvals as may be required including that of the Stock Exchanges, Bombay High Court, Shareholders and creditors.