Panama Petrochem Ltd Approves Buyback Of Equity Shares

Panama Petrochem Ltd announced that the Board of Directors of the Company at its meeting held on February 14, 2013, inter alia, has approved the buyback of upto 1,116,890 fully paid up equity shares of INR10 each, at a maximum price INR160 per equity share, payable in cash, upto an aggregate amount not exceeding INR178.702 million from the Open Market through the Stock Exchange method, such that total amount to be utilized for the proposed buyback will be less than or equal to 10% of the paid up equity capital and free reserves of the Company as on March 31, 2012. The maximum buyback price represents a nearly 17% premium over the last closing Price.