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Mumbai, July 30 The shares of Hindustan Unilever Ltd rose 6.26 per cent on the BSE on Monday after the company announced that it would buy back shares from the market at a premium to the current price.

The company announced that it would be buying back shares at Rs 230 per share, up to an aggregate of Rs 630 crore. “The maximum price is at a premium of 17 per cent over the closing price of the cxompany’s share as on July 27. The average closing price of company’s share in the BSE for the last six months is Rs 196. The buyback is proposed to effectively utilise the surplus cash and make the balance sheet leaner and more efficient to improve returns,” the company informed the exchange.

The shares will be bought in the open market on the BSE and the NSE over a period of time.

Unilever owns 51.4 per cent of the company. The buy back will start after gaining shareholder’s approval.

More Stories on : Stocks | Buyback | Personal Products | Hindustan Unilever Ltd

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