The Hindu Business Line : ICI defers second share buy-back plan

Kolkata, July 17 ICI has deferred its proposed plan to launch a second share buy-back programme. According to Mr R. Guha, Company Secretary, the board on Thursday decided to defer a fresh proposal for buy-back through market operations at a price not exceeding Rs 575 per share.

Mr Guha said that the board has not mentioned any time-frame for reconsidering the buy-back proposal.

Pre-buyback paid

Now AkzoNobel NV owned, ICI has just completed a 12-month-long buy-back programme on July 11.

According to the company secretary, a total of 6.4 per cent of the pre-buyback paid up capital of the company were bought back till July 11. Till March 31, minority shareholders, at an average price of Rs 528 per share, had surrendered about 6.1 per cent stake. However, during the past one year, prominent public shareholders’ holdings have not changed much. Asian Paints, as a financial investor, held 9.83 per cent, up from 9.20 per cent before the buy-back plan had opened.

ICICI Prudential Life Insurance’s holding increased to 4.71 per cent from 2.79 per cent.

Two UTI funds, holding 1.47 per cent and 1.25 per cent respectively, and Prudential ICICI Tax Plan having 1.77 per cent stake, however, exited ICI during the last one-year period. The stock on Thursday declined by over 4 per cent to close at Rs 500.

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