AGI Greenpac has successfully completed its share buyback program from the open market, marking a significant corporate action for the company. The completion of this program demonstrates AGI Greenpac's commitment to enhancing shareholder value and optimizing its capital structure.

Buyback Completion and Regulatory Compliance

Company Secretary Pulkit Bhasin has certified the completion of the buyback program, ensuring adherence to regulatory requirements. Key points of the certification include:

• All securities bought back will be extinguished within seven days of the program's completion.
• AGI Greenpac has committed to not raising further capital for one year from the closure of the buyback offer, except for fulfilling existing obligations.

Third-Party Verification

Finshore Management Services Limited, serving as the lead manager for the buyback, has confirmed that:

• The company has successfully implemented the buyback offer.
• All formalities under the Securities and Exchange Board of India (SEBI) Buyback of Securities Regulations 2018 and the Companies Act 2013 have been duly complied with.

Next Steps and Transparency

To maintain transparency and keep stakeholders informed, AGI Greenpac will take the following actions:

• Issue a public advertisement within two days of the expiry of the buyback period.
• Submit a copy of the advertisement to the stock exchanges.

This move by AGI Greenpac reflects the company's focus on regulatory compliance and commitment to transparent communication with its shareholders and the market at large.

The successful completion of the share buyback program may be seen as a positive signal by investors, potentially indicating the company's confidence in its financial position and future prospects. However, as with any corporate action, shareholders and potential investors should conduct their own analysis and consider their individual financial situations before making investment decisions.

AGI Greenpac Limited , a prominent player in the packaging industry, has found itself embroiled in a power procurement dispute with the Southern Power Distribution Company of Telangana Limited (TGSPDCL). The company recently received a substantial demand notice of ₹40.61 crore from TGSPDCL, a government undertaking of Telangana, for surplus power procured from Andhra Pradesh Gas Power Corporation Ltd (APGPCL).

Demand Notice Details

The demand notice covers a significant period, spanning from 2002 to 2022, and pertains to power drawn in excess of the contracted quantum. AGI Greenpac, operating as a beneficial shareholder under a group captive power arrangement, had been procuring surplus power from APGPCL and making direct payments at applicable rates.

Company's Stance

AGI Greenpac contends that TGSPDCL issued the demand notice without considering the payments already made to APGPCL. In response to this disputed claim, the company has taken legal action by filing a special leave petition (SLP) before the Supreme Court of India. The petition, filed under SLP(C) No. 004715/2024, has been admitted and is currently pending before the apex court.

Regulatory Compliance

In adherence to regulatory requirements, AGI Greenpac has duly informed the stock exchanges about this development. The company filed an intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with its stakeholders.

Market Response

The news of the demand notice and subsequent legal action appears to have had a marginal impact on investor sentiment. AGI Greenpac's shares closed at ₹933.35 on the day of the announcement, reflecting a slight decline of 0.36% in its stock price.

As the legal proceedings unfold in the Supreme Court, stakeholders will be keenly watching for any developments that could impact AGI Greenpac's financial position or operations. The resolution of this power procurement dispute could have implications not only for AGI Greenpac but potentially for other companies operating under similar power arrangements in the region.