Emami Ltd said it will buy back up to 41,33,333 shares at not over ₹450 per share, through open market route, according to an exchange filing today.
The buyback of shares is at a 23.6% premium to the closing price of the company's shares at ₹364.10 on the NSE on Thursday.
The company will spend up to ₹1.86 bln to buy back up to 0.94% of the company's equity. Promoters of the company will not participate in the share buyback.
This is the third share buyback of the company since its listing.
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Emami had bought back 9.42 mln shares at an average price of 203.78 rupees per share in 2020, and 3.36 mln shares at an average price of 479.27 rupees per share in 2022.
The shares of Emami were 0.9% lower at ₹360.95 on NSE at 13:08 IST.
