Business Daily from THE HINDU group of publications
Wednesday, Sep 26, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, Sep 26, 2007 ePaper |
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Markets
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Stocks Corporate - Buyback
Our Bureau Mumbai, Sept. 25 Hindustan Unilever’s proposed buyback of equity shares will commence on October 3. The company’s share buy-back entails acquisition of up to 25 per cent of its paid-up equity capital from the open market at Rs 230 per share (each of face value Re 1). Last DateThe last date of buyback will be September 13, 2008 or when the target company has completed buyback to the maximum extent of Rs 630 crore. The last date may also be determined by the company at any time even if the maximum buyback limit has not been reached, by giving appropriate notice for such an earlier date, if any, said the company’s managers to the offer, in a notice to the stock exchanges. There is no specific minimum number of shares that the company proposes to buy back, it said. Buyback OfferThe board of HUL had in July this year decided on the buyback offer. HSBC Securities and Capital Markets India Pvt Ltd are managers to the buyback offer. Acceptance of equity shares will be sent to shareholders within 15 days of the relevant payout date of the stock exchange. ExtinguishmentExtinguishment of the shares will be within seven days of acceptance. More Stories on : Stocks | Buyback | Hindustan Unilever Ltd
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