Atul board approves Rs 70-cr share buyback

The buyback of shares will be at a price not exceeding Rs 11,000 per equity share through the open market route.

Atul announced buyback of shares worth up to Rs 70 crore from shareholders, excluding promoters.

The maximum buyback price of Rs 11,000 per equity share represents a 11.28% premium to Thursday's closing price of Rs 9884.80 on the BSE.

The indicative maximum number of equity shares to be bought back under the buyback would be 63,636 equity shares, which represents 0.22% of the total number of equity shares of the company.

The number of equity shares bought back under the buyback will not exceed 25% of the total number of equity shares of the company.

Atul's promoters held 45.04% stake as on 18 March 2022.

Atul is an integrated chemical company. On a consolidated basis, the company's net profit declined 17.58% to 155.43 crore on 44.86% increase in net sales to Rs 1,380.31 crore in Q3 FY22 over Q3 FY21.

Shares of Atul were down 1.37% at Rs 9749.8 on BSE.

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