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Pidilite board approves buy-back offer
The buy-back offer is just for 0.975% of the total paid-up equity capital of the Company
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Stocks of the company touched its all-time high of Rs 972 and closed at Rs 926. Source: Company website
The Pidilite's board of directors has approved a buy-back proposal of equity shares not exceeding 5 million at the price of Rs 1,000 per share, an India Infoline report said today.
The stocks of the company touched its all-time high of Rs 972 and closed at Rs 926. The buy-back offer is just for 0.975% of the total paid-up equity capital of the Company.
The company has negligible debt on its book and had current investments and cash of Rs 1,487cr and Rs 152cr, respectively, as on 1HFY18. Buy-back at Rs 1,000 per share can garner Rs 500 crore.
Pidilite is the largest adhesive player in India, with its iconic brand 'Fevicol'.
Recently, Wipro too closed a Rs 5,700-crore share buy-back offer.
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