UPL Ltd. has approved a proposal to buy back equity shares worth Rs 1,100 crore.
The agrochemicals company will repurchase about 1.26 crore equity shares, or 1.65% of the total paid-up capital, at up to Rs 875 apiece through open market route, according to an exchange filing. The maximum buyback price represents a 26.85% premium to Wednesday's closing.
"If the equity shares are bought back at a price below the maximum buyback price, the actual number of equity shares bought back could exceed the proposed buyback shares," the company said.
UPL's shares closed 3.65% higher on Wednesday against the NSE Nifty 50's 1.12% decline.
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