Atul Ltd announces an Equity Buyback for INR 500 million worth of its shares.
January 29, 2021 at 03:24 am EST
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Atul Ltd (BSE:500027) announces a share repurchase program. Under the program, the company will repurchase up to INR 500 million worth of its shares. The shares will be repurchased at a price not exceeding INR 7,250 per share. The amount required by the company for the buyback is to be met out of the balances in free reserves, current surplus and/or cash and cash equivalents and or internal accruals and or liquid resources and/or such other permissible sources of funds of the company, as per the Act and the Buy-back Regulations. The purpose of the program is to return surplus funds to the equity shareholders of the company. The program will expire on August 9, 2021. As of January 22, 2021, the company had 2,96,61,733 shares in issue.
Atul Ltd is an India-based company, which is in the business of life science chemicals and performance, and other chemicals. It serves to various industries across the world, such as adhesives, agriculture, animal feed, automobile, composites, construction, cosmetic, defense, dyestuff, electrical and electronics, flavor, food, footwear, fragrance, glass, home care, horticulture, hospitality, paint and coatings, paper, personal care, pharmaceutical, plastic, polymer, rubber, soap and detergent, sport and leisure, textile, tire, and wind energy. It operates through three segments: Life Science Chemicals, Performance and Other Chemicals, and Others. Its Life Science Chemicals segment offers active pharmaceutical ingredients (APIs), API intermediates, fungicides and herbicides. Its Performance and Other Chemicals segment offers adhesion promoters, bulk chemicals, epoxy resins and hardeners, intermediates, and textile dyes. Its Others segment offers agribiotech, food products and services.