Granules India Limited announces an Equity Buyback for 12,500,000 shares, representing 4.92% for INR 2,500 million.
January 21, 2020 at 01:36 pm IST
Granules India Limited (BSE:532482) announces a share repurchase program. Under the program, the company will repurchase up to 12,500,000 shares, representing 4.92% of its issued capital for INR 2,500 million. The shares will be repurchased at a purchase price of INR 200 per share. The purpose of the buyback is to return surplus funds to its equity shareholders and to improve its financial ratios. The offer will be funded from internal accruals such as free reserves and/or such other sources as may be permitted by law. The company has fixed the record date as March 20, 2020. The program is subject to shareholder's approval by way of postal ballot. The offer will expire on June 19, 2020. As on March 20, 2020, the company had 25,42,47,562 shares in issue.