UPL completes buy-back of 1.40 cr shares for Rs 283 cr

Agrochemical firm UPL Ltd has completed the buy-back of 1.40 crore shares for about Rs 283 crore from the open market.
"UPL Ltd has completed the buy-back of its fully paid-up equity shares of face value of Rs 2 each from the open market through the stock exchanges," the company said in a BSE filing.
On December 30, the company board had approved the buyback of up to 1.40 crore shares at a maximum price of Rs 220 per share up to an aggregate amount not exceeding Rs 308 crore.
"The company has bought 1.40 crore of shares from open market at an aggregate amount of about Rs 283 crore," a senior company official told PTI.

Each share was bought at an average price of Rs 201 as against the maximum offered price of Rs 220 per piece.
In an earlier filing on the BSE, the company had said that as it has sufficient financial resources, they can be used for buyback of shares to increase shareholder value.
The company has 23 manufacturing sites, out of which nine are in India, four in France, two in Spain, three in Argentina, one each in UK, Vietnam, Netherlands, Italy and China.
The company's scrip closed at Rs 189.15, up 0.88 per cent, on the BSE.