Skip to content
Upl Shares jumps 3% on share buyback plan


Shares of UPL jumped as much as 3% on Thursday after the company unveiled its share buyback plan. However, as the broader market weakness increased, UPL shares also lost most of their initial gains. As of 10:20 a.m., shares of UPL were trading up 0.4% at Rs 691.75 on BSE.

The Board of UPL has approved the proposal to buy back fully paid shares with a nominal value of Rs 2 each to the shareholders of the company (other than the promoters, group of promoters and controlling persons of the company) , for a total amount not exceeding Rs 1100 crore i.e. 14.56% and 5.71% of its total paid up share capital and free reserves as of March 31, 2021, for a price not exceeding Rs 875 per share via the open market, the agrochemical company said in an exchange filing.

“Provided that the market price of the Equity Shares is at or below the Maximum Repurchase Price, the indicative maximum number of Equity Shares repurchased would be 1,25,71,428 Equity Shares, representing approximately 1.65% of the paid-up share capital of the company as of March 2, 2022 (on a stand-alone basis),” the exchange filing added.

Read also |

The proposed buyout is subject to the approval of the members of the company by means of a special resolution and all other applicable legal/regulatory approvals, he added. The promoters of the company held 28.24% of the capital as of February 25.

In the third quarter of FY22, UPL’s revenue grew 24% year-on-year (YoY) to Rs 11,297 crore on healthy volume growth and better revenue realizations, while net profit increased by 18% in the quarter under review to Rs 937 crore and EBITDA increased by 21%. YoY at Rs 2,666 crores.

(Edited by : Ajay Vaishnav)

cnbctv18-forexlive-benzinga

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.