Emami board OKs Rs 186-cr share buyback

Emami announced that its board has approved a share buyback of upto Rs 186 crore at a price not exceeding Rs 450 per equity share via open market route through the stock exchange mechanism.

The maximum buyback price of Rs 450 per equity share represents a 23.54% premium to Thursday's closing price of Rs 364.25 on the BSE.

The company will buyback up to 41.33 lakh equity shares of face value of Rs 1 each, representing up to 0.94% which is less than 25% of the existing paid up equity capital of the company as on 31 March 2022.

The maximum buyback size represents 9.94% and 9.99% of the aggregate of the total paid-up equity share capital and free reserves of the company based on the latest audited standalone and consolidated financial statements of the company as on 31 March 2022, respectively.

Emami is one of India's leading FMCG Companies engaged in manufacturing & marketing of personal care & healthcare products with an enviable portfolio of household brand names such as Boro Plus, Navratna, Fair and Handsome, Zandu Balm, Kesh King, Zandu Pancharishta, Mentho Plus Balm and others.

The company consolidated net profit rose 6.4% to Rs 224.62 crore despite of 4.5% decline in net sales to Rs 835.55 crore in Q3 FY23 over Q3 FY22.

The scrip declined 1.15% to currently trade at Rs 360.05 on the BSE.

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