Board of Directors of the Company in their meeting held on September 18, 2018 has unanimously inter-alia approved the proposal to buyback of not exceeding 1,25,88,235 equity shares (representing 1.98% of the total number of equity shares in the Paid-up share capital of the Company at a price of Rs. 170 (Rupees One Hundred Seventy only) per equity share (the 'Buyback Offer Price') of face value Rs.10 each, payable in cash for an aggregate consideration not exceeding Rs. 214 crores (Rupees Two Hundred Fourteen Crores Only), which is not exceeding 10% of the aggregate of the fully paid-up equity share capital and free reserves as per the audited financial statements of the Company for the financial year ended March 31, 2018 (the last audited financial statements available as on the date of Board meeting recommending the proposal of the Buyback) and is within the statutory limits of 10% (Ten Percent) of the aggregate of the fully paid-up equity share capital and free reserves under the board of directors approval route as per the provisions of the Companies Act, 2013 from all the equity shareholders of the Company, as on the record date, on a proportionate basis through a Tender Offer route in accordance the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (the 'Buyback Regulations'), subject to all other applicable statutory approvals.