Piramal Enterprises Board Approves To Buy Back Shares Worth ₹1,750 Cr

Piramal Enterprises Limited on Friday announced that the board of directors of the company at its meeting held on July 28, 2023, approved a buyback by the Company of up to 1,40,00,000 equity shares of the company of face value of ₹2 each for an aggregate amount not exceeding ₹1,750 crore, being 5.87 percent of the total paid-up equity share capital, at ₹1,250 per equity share, the company announced through an exchange filing.

The Buyback is proposed to be made from the shareholders of the Company as on the record date on a proportionate basis under the tender offer route in accordance with the provisions of the Companies Act, 2013 and the rules made thereunder, and the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended (the Buyback Regulations).

In terms of Regulation 5(via) of the Buyback Regulations, the Board may, till one working day prior to the Record Date, increase the Buyback Price and decrease the number of Equity Shares proposed to be bought back, such that there is no change in the Buyback Size.

The Buyback Size does not include transaction costs viz. brokerage, filing fees, advisors/ legal fees, public announcement publication expenses, printing and dispatch expenses, applicable taxes such as buyback tax, securities transaction tax, good and service tax, stamp duty, etc., and other incidental and related expenses.

The Company's promoter and promoter group have expressed their intention not to participate in the Buyback.

The tendering period of the Buyback will be open for a period of 5 working days in accordance with the Buyback Regulations.

Piramal Enterprises Limited shares

The shares of Piramal Enterprises on Friday at 3:30 pm IST were at ₹1,073, down by 2.08 percent.

Published on: Saturday, July 29, 2023, 01:52 PM IST