Atul Ltd falls 2% after board considers buyback proposal

Maximum shares considered for the buyback is 66,666 which represents 0.23 percent of the total equity shares of the company.

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Atul Limited shares were down 2.08 percent after the company announced a buyback not exceeding Rs 50 crore, said the company in a exchange filing. The maximum buyback price is set at Rs 7,500 per share.

The maximum buyback price is at a premium of 11 percent to the previous day’s close.

Maximum shares considered for the buyback is 66,666 which represents 0.23 percent of the total equity shares of the company.

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Shareholding of the promoter group stands as of November 3, stands at 45.06 percent of the total equity shares. This will increase to 45.16 percent post buyback, assuming that 66,666 shares are bought at Rs 7500 per share. Public shareholding stands at 54.94 percent of the total equity shares, which will reduce to 54.84 percent post buy-back.

The board of Atul Limited has constituted a committee for the purpose of buyback and has delegated its powers to the buyback committee to do or cause to be done all such acts, deeds, matters and things in its discretion, deem necessary in connection with the buy-back.

Also read Atul Q2 results: Net profit slumps 40% to Rs 90 crore amid poor sales

Atul Limited shares were trading 2.56 percent down at Rs 6537 at 11.37 am on the National Stock Exchange.

Atul Limited operates through six business divisions,      namely, Agrochemicals, Aromatics, Bulk Chemicals     and Intermediates, Colours, Pharmaceuticals and Intermediates, and Polymers.

Net profit for the company fell 38 percent Year-on-Year (YoY) at Rs 91 crore in the July-to-September quarter.  Revenue for Atul Limited fell 19 percent YoY to Rs 1197 crore in the same period.

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