Granules’ buyback gets approval

Our Bureau Chennai | Updated on March 10, 2020

Shareholders of Granules India have approved a buyback proposal. Earlier, the company’s board had approved the buyback worth ₹250 crore. It had cleared a proposal to buyback up to 1.25 crore shares for an amount not exceeding ₹250 crore, being 4.92 per cent of the total paid-up equity share capital, at ₹200 a share.

The buyback is proposed to be made from all existing shareholders as on the record date on a proportionate basis under the tender offer route. The proposal received the approval of 91.76 per cent institutional investors and 98.53 per cent non-institutional investors (retail and high net worth individual investors). Shares of Granules India last traded at ₹161.70 on the BSE.

Published on March 10, 2020

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