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With reference to the article ‘Irrational Exemption’ that appeared on Taxation page in the Business Line issue dated September 8, it was erroneously mentioned that the buyback proposal of Hindustan Unilever Ltd (HUL) will result in the parent company’s shareholding going up from 51.4 per cent to 68.6 per cent of HUL’s paid-up capital. As the aggregate amount set aside for the buyback has been capped by the company at Rs 630 crore, the parent’s stake in HUL may rise by less than 1 per cent, from the present 51.42 per cent, as a result of the buyback.

With the proposed outlay of Rs 630 crore, the company may be able to buy back a maximum of 2.88 crore shares at the stock’s current market prices.

The error is sincerely regretted.

More Stories on : Taxation | Buyback | Hindustan Unilever Ltd

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