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Hindustan Unilever (HUL) has mopped-up 99.25 per cent of its targeted shares through buyback offer and said it is closing the buyback window on March 28.
The company, which announced buyback plan last August, has bought back 2.29 crore shares amounting to about Rs 625.30 crore till March 23. The company had set aside Rs 630 crore for the buyback. HUL was able to get higher quantum of shares from public against the original target of 56.25 lakh shares, as the stock price slipped sharply during the last three months.
The Hindustan Unilever board had fixed the buyback price at a maximum of Rs 280 a share.
“The buy-back committee of the board has, at its meeting held on March 23 decided to close the scheme for buy-back of equity shares from open market route through stock exchanges with effect from March 28, (hereinafter referred to as the Last Date for the buy-back), the company informed the stock exchanges.
The stock closed at Rs 268.80, a fall of Rs 0.3 per cent over the previous day's close.
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