January 8, 2024
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Chambal Fertilisers Buyback:
Board approves Rs.700 crore via tender offer
The company will buyback up to 1.55 crore equity shares or 3.74% of the total paid-up equity share capital of the company.
Chambal’s buyback price of Rs.450 per share is a 21% premium to last Friday’s closing price. The buyback will be carried out via the “tender offer” route.
Executing a buyback via the tender offer route means that the company will repurchase the shares at the price determined earlier. You can read more about the types of share buyback here.
The total size of the buyback comes up to Rs.700 crore based on the price and the number of shares to be repurchased.
Record date for determining the eligibility of shareholders for the buyback has been fixed as January 18, 2024.
This is the company’s first ever share buyback. Shares of Chambal Fertilisers recovered from the day’s low and are trading 2.6% higher at Rs.382.9. The stock has gained 22% over the last 12 months.
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