Upl plans to buy back shares up to Rs 1,100 Cr


Agrochemicals major UPL Ltd on Wednesday announced a share buyback worth up to Rs 1,100 crore from shareholders excluding developers. In a regulatory filing, the company said its board had approved the proposal to repurchase fully paid shares with a par value of Rs 2 each from shareholders (other than the promoters, promoter group and controlling persons). company), for a total amount not exceeding Rs 1,100 crore, the maximum redemption size.

The redemption of shares will be at a price not exceeding Rs 875 per share on the open market. The company’s shares closed at Rs 689.10 at BSE on Wednesday, up 3.52%.

“Provided that the market price of the Equity Shares is at or below the Maximum Repurchase Price, the indicative maximum number of Equity Shares repurchased would be 1,25,71,428 Equity Shares, representing approximately 1.65% of the paid-up share capital of the company as of March 2, 2022 (on a stand-alone basis),” the filing reads.

If shares are redeemed at a price below the maximum redemption price, the actual number of shares redeemed may be higher.

Read also

The company would use at least 50% of the amount assigned to the maximum redemption size for the redemption, i.e. Rs 550 crore (minimum redemption size). Based on the minimum redemption size and the maximum redemption price, the company would purchase a minimum of 62,85,714 shares.

The proposed buyout is subject to the approval of the members of the company by means of a special resolution and all other applicable legal/regulatory approvals, he added. The promoters of the company held 28.24% of the capital as of February 25.

Recently, UPL recorded a growth of 24.89% in its consolidated net profit to Rs 1179 crore for the December quarter 2021-22. The profit of the company stood at Rs 944 crore in the prior year period. Operating revenue increased by 23.78% in the quarter under review to Rs 11,297 crore from Rs 9,126 crore in the same period of 2020-21.

First post: STI


cnbctv18-forexlive-benzinga

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button