Piramal Enterprises approves Rs 1,750 crore share buyback; price set at Rs 1,250 apiece
Piramal Enterprises set the buyback price at Rs 1,250 and said the buyback size represents 5.87 per cent of the total paid-up equity share capital of the company.
- Jul 28, 2023,
- Updated Jul 28, 2023 7:13 PM IST
Piramal Enterprises Limited on Friday said its board has approved a share buyback of up to 1,40,00,000 shares of face value Rs 10 each for an aggregate amount not exceeding Rs 1,750 crore. Piramal Enterprises set the buyback price at Rs 1,250 and said the buyback size represents 5.87 per cent of the total paid-up equity share capital of the company. The buyback price was at a 16.51 per cent premium over Friday's closing price of Rs 1,072.80 for the stock.
Piramal Enterprises said its promoter and promoter group has expressed intention not to participate in the buyback.
"The administrative committee of the board of directors of the company has been empowered to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient, usual or proper in connection with the Buyback," Piramal Enterprises said.
The buyback size does not include transaction costs such as brokerage, filing fees, legal fees, public announcement publication expenses, printing and dispatch expenses, applicable taxes such as buyback tax, securities transaction tax, good and service tax, stamp duty, and other incidental and related expenses.
The tendering period of the buyback will be open for a period of five working days in accordance with the buyback regulations. The process, timelines and other requisite details of the buyback will be set out in the public announcement and the letter of offer to be published in accordance with the buyback regulations.
Piramal Enterprises reported a profit of Rs 508.78 crore for the June quarter compared with Rs 8,155.47 crore in the year-ago quarter. The company had recorded an exceptional gain of Rs 7,613.96 crore on demerged Pharma undertaking in the year-ago quarter. Revenue from operations stood at Rs 2,898.97 crore compared with Rs 2,161.28 crore in the same quarter last year.
Also read: Indiabulls Housing shares surge 9% on dividend, improved outlook. Key details
Also read: Hot stocks on July 28, 2023: Escorts Kubota, Intellect Design, RBL Bank, RVNL and more
Piramal Enterprises Limited on Friday said its board has approved a share buyback of up to 1,40,00,000 shares of face value Rs 10 each for an aggregate amount not exceeding Rs 1,750 crore. Piramal Enterprises set the buyback price at Rs 1,250 and said the buyback size represents 5.87 per cent of the total paid-up equity share capital of the company. The buyback price was at a 16.51 per cent premium over Friday's closing price of Rs 1,072.80 for the stock.
Piramal Enterprises said its promoter and promoter group has expressed intention not to participate in the buyback.
"The administrative committee of the board of directors of the company has been empowered to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient, usual or proper in connection with the Buyback," Piramal Enterprises said.
The buyback size does not include transaction costs such as brokerage, filing fees, legal fees, public announcement publication expenses, printing and dispatch expenses, applicable taxes such as buyback tax, securities transaction tax, good and service tax, stamp duty, and other incidental and related expenses.
The tendering period of the buyback will be open for a period of five working days in accordance with the buyback regulations. The process, timelines and other requisite details of the buyback will be set out in the public announcement and the letter of offer to be published in accordance with the buyback regulations.
Piramal Enterprises reported a profit of Rs 508.78 crore for the June quarter compared with Rs 8,155.47 crore in the year-ago quarter. The company had recorded an exceptional gain of Rs 7,613.96 crore on demerged Pharma undertaking in the year-ago quarter. Revenue from operations stood at Rs 2,898.97 crore compared with Rs 2,161.28 crore in the same quarter last year.
Also read: Indiabulls Housing shares surge 9% on dividend, improved outlook. Key details
Also read: Hot stocks on July 28, 2023: Escorts Kubota, Intellect Design, RBL Bank, RVNL and more