7 Nov 2023 , 01:02 PM
The Board of Directors of Gujarat-based Atul Limited authorised a Rs 50 crore share purchase at a buyback price of Rs 7,500 per share, the firm said in a regulatory markets.
The promoters’ pre-repurchase holding was 45.06% as of November 3, and it is likely to rise to 45.16% after the buyback.
Following this development, the company’s counter fell as much as 3.5% to Rs 6,472.05 on NSE.
On Tuesday, the board of directors authorised the purchase of fully paid up equity shares with a face value of Rs 10 per share from the open market via stock exchanges.
The buyback price will be paid in cash and will equal 1.20% and 1.19% of total paid-up equity share capital and free reserves (including securities premium account) as reported in the audited standalone financial statements and audited consolidated financial statements for the fiscal year ended March 31, 2023, respectively.
Other than the promoters or promoter companies, the company will buy back shares from equity shareholders and beneficial owners.
At the maximum buyback size and maximum repurchase price, the maximum number of equity shares to be purchased under the buyback will be 66,666 shares, representing 0.23% of the company’s total number of outstanding equity shares.
According to the corporate filing, the amount of equity shares purchased under the buyback would not exceed 25% of the total number of equity shares.
At around 12.54 PM, Atul Limited was trading 2.93% lower at Rs 6,512.20 per piece, against the previous close of Rs 6,708.80 on NSE. The counter touched an intraday high and low of Rs 6,724.80 and Rs 6,472.05, respectively.
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