Pidilite Industries Limited announces an Equity Buyback for 5,000,000 shares, representing 0.98% for INR 5,000 million.
December 26, 2017 at 04:34 am EST
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Pidilite Industries Limited (BSE:500331) announces a share repurchase program. Under the program, the company will repurchase up to 5,000,000 shares, representing 0.98% of the issued share capital. The shares will be purchased at a price of INR 1,000 per share for INR 5,000 million. The buyback is proposed to enable the company to reduce its treasury assets by putting an equivalent amount of liquid resources in the hands of those shareholders who respond to the offer for buyback. The repurchased shares will be paid in cash available from its free reserves. The share buyback program is subject to shareholder approval by way of special resolution through postal ballot. The members of the promoter and promoter group have indicated their intention to participate in the buyback. The buyback is proposed to be completed within 12 months from the date of Special Resolution approving
the proposed buyback. As on December 22, 2017, the company had 512,810,330 shares in outstanding.
On December 29, 2017, the company filed a notice of postal ballot seeking shareholder approval for the share buyback program.
On January 31, 2018, the company announced that it has fixed the record date as February 12, 2018 for the purpose of tender offer.
On February 23, 2018, the company announced that the repurchase program will expire as on March 15, 2018.
Pidilite Industries Limited is an India-based manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (Do-It-Yourself) products, and polymer emulsions. The Company, together with its subsidiaries, is focused on consumer and industrial specialty chemicals. The Company's segments include Consumer and Bazaar (C&B), Business to Business (B2B), and Others. The C&B segment covers the sale of products mainly to end consumers, which are retail users such as carpenters, painters, plumbers, mechanics, households, students and offices, among others. The Company's products include adhesives, sealants, art and craft materials and construction and paint chemicals. The B2B segment includes industrial products such as adhesives, synthetic resins, organic pigments, pigment preparations, construction chemicals (projects) and surfactants, among others. It caters to various industries, such as packaging, textiles, joineries, printing inks, paper and leather, among others.
PIDILITE INDUSTRIES LIMITED 
