Atul Ltd announces an Equity Buyback for INR 500 million worth of its shares.
November 07, 2023 at 12:26 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 7,500 per share.
The program will be funded out of the balances of the Company 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. The purpose of the program is to return surplus cash to the equity shareholders of the Company additionally the Company believes that the Buy-back will improve earnings per share by reduction in the equity base, thereby leading to a long-term increase in the value of shareholders. The company has fixed November 20, 2023, as record date.
The program is valid till 66 working days from November 21, 2023. As of November 3, 2023, the company had 29,513,755 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.