Piramal Enterprises approves Rs 1,750 crore share buyback

Piramal Enterprises on Friday said its board has approved a buyback of 1.4 crore shares at Rs 1,250 each, entailing an outgo of Rs 1,750 crore. 

In a regulatory filing, Piramal Enterprises stated: “...we wish to inform you that the board of directors of the company at its meeting held on July 28, 2023, approved a buyback by the company of up to 1,40,00,000 equity shares of the company with a face value of Rs 2/- each for an aggregate amount not exceeding Rs 1,750 crore.”

The offer represents a premium of 16.5 percent to the July 28 (Friday) closing price of Rs 1,072.80. 

According to the statement, the company intends to buyback 5.87 percent of the total number of shares, and its promoter and promoter group have stated they would not participate in the buyback. 

The board has established August 25, 2023 as the record date for establishing the entitlement and names of the shareholders eligible to participate in the buyback.

Source: Media Reports