Bhagyanagar India Limited

Bhagyanagar India Limited has informed the Exchange that "The Board of Directors of the Company at their Meeting held on April 09, 2009 has approved: Buy Back of the Company's fully paid-up equity shares of Rs.2/- each, from open market through Stock Exchange mechanism, subject to the approval of the members through postal ballot and from SEBI under the SEBI (Substantial Acquisition of Share and Takeovers) Regulations 1997, for an amount not exceeding 20,00,00,000/- (Rupees Twenty Crores only) to a minimum of 50,00,000 shares and a maximum of 1,00,00,000 shares, up to a maximum price of Rs. 40/- per equity share, in accordance with the provisions contained in the Articles of Association, 77A, 77AA, 77B and other applicable provisions of the Companies Act, 1956. The above decision of the board has been taken to enhance overall shareholder value by returning surplus funds to shareholders in an investor-friendly manner and to enhance the earnings per share of the Company in future, and create a long-term shareholder value".