UPL approves Rs 1,100 cr share buyback

The company will utilise at least 50% of the amount earmarked, which is Rs 550 crore (minimum buyback size).

UPL announced buyback of shares worth up to Rs 1,100 crore from shareholders, excluding promoters.

The buyback of shares will be at a price not exceeding Rs 875 per equity share through the open market route. The maximum buyback price represents a 26.98% premium to Wednesday's closing price of Rs 689.10 on the BSE.

The maximum equity shares bought back would be 1,25,71,428 equity shares, or 1.65% of the total paid-up capital.

Based on the minimum buyback size and maximum buyback price, the company will purchase a minimum of 62,85,714 equity shares.

UPL's promoters hold 28.24% stake as on 25 February 2022.

UPL is a global provider of sustainable agriculture products and solutions. Its portfolio consists of biologicals and traditional crop protection solutions with more than 14,000 registrations.

The company's consolidated net profit rose 24.89% to Rs 1,179 crore on a 23.78% increase in revenue from operations to Rs 11,297 crore in Q3 FY22 over Q3 FY21.

Shares of UPL were up 1.51% at Rs 699.50 on the BSE.

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