Atul announces Rs 50 crore buyback via open market. Share falls over 3%
Atul Limited's Board of Directors approved a share buyback worth Rs 50 crore at a buyback price of Rs 7,500 per share, the company informed in its filing to the exchanges.
The pre-buyback holding of promoters stood at 45.06% as on November 3 which is expected to go up to 45.16% post the buyback.
The stock fell 3.5% on the NSE following the announcement.
On Tuesday, the board approved the buyback of fully paid up equity shares with face value of Rs 10 per share from the open market through stock exchanges.
The price for the buyback will be payable in cash and it represents 1.20% and 1.19% of the total paid-up equity share capital and free reserves (including securities premium account) as per the audited standalone financial statements and audited consolidated financial statements for the financial year ended on March 31, 2023.
The company will buyback shares from the equity shareholders and beneficial owners other than the promoters or promoter entities.
At the maximum buyback size and the maximum buyback price, the indicative maximum number of equity shares to be bought back under the buyback will be 66,666 shares which represents 0.23% of the total number of outstanding equity shares of the company.
Though the actual number of equity shares bought back during the buyback will depend upon the actual price of the share on the buyback date.
The number of equity Shares bought back under the buyback will not exceed 25% of the total number of equity shares, the company filing said.
The Board has also constituted a committee for the purpose of buyback.
Atul is an integrated chemical company serving about 4,000 customers in 30 industries across the world, the company claims.
