Emami board approves buyback of shares worth Rs162cr; Stock jumps over 1%

4 Feb 2022 , 12:07 PM

Emami board of directors have approved the buyback of the company’s fully paid-up equity shares having a face value of Re1 each. The buyback size aggregates to Rs162cr.

The indicative maximum number of Equity Shares proposed to be bought back at the Maximum Buyback Size and Maximum Buyback Price would be 29,45,455 shares at Rs550 per Share (“Maximum Buyback Shares”) representing 9.98 % which is less than 25% of the existing paid-up equity capital of the Company).

The company shall utilise at least 50% of the amount earmarked as the Maximum Buy Back Size for the Buy-Back i.e. Rs81.0cr.  Based on the Minimum Buy Back Size and Maximum Buy-Back Price, the Company would purchase an indicative minimum of 14,72,727 Equity Shares (“Minimum Buyback Shares”).

The company has also announced its financial performance for the quarter ending December 2021 (Q3FY22) period along with an interim dividend.

At around 12.06 pm, Emami was trading at Rs504.20 per piece up by 1.2% on Sensex.