Atul board approves buyback of fully paid-up equity shares worth Rs70 crore

25 Mar 2022 , 02:10 PM

Atul Limited Board of Directors, at its meeting held on March 25, 2022, has approved the buyback of fully paid up equity shares by the Company having face value of Rs10/- each from open market through stock exchanges for an amount not exceeding Rs70 crore at a price not exceeding Rs11,000/- per equity share payable in cash which represents 2.16% and 2.10% of the total paid-up equity share capital and free reserves.

At the Maximum buyback size and the Maximum Buy-back Price, the indicative maximum number of Equity Shares to be bought back under the Buy-back would be 63,636 equity shares which represents 0.22% of the total number of Equity Shares of the Company. The actual number of Equity Shares bought back during the Buy-back will depend upon the actual price, excluding the Transaction Costs, paid for the Equity Shares bought back and the aggregate consideration paid in the Buy-back, subject to the Maximum Buy-back Size.

Further, the number of Equity Shares bought back under the Buy-back will not exceed 25% of the total number of Equity Shares of the Company.

The Board has also constituted a Committee for the purpose of Buy-back (Buy-back Committee) and has delegated its powers to the Buy-back Committee to do or cause to be done all such acts, deeds, matters and things, as it may, in its discretion, deem necessary in connection with the Buy-back.

At around 2.12 pm, Atul Ltd was trading at Rs9,758.25 per share down by Rs126.55 or 1.28% from its previous closing of Rs9,884.80 per share on the BSE.