The ₹1,750-crore buyback offer of Piramal Enterprises will open on August 31 and close on September 6. The company plans to buyback up to 140 crore shares of ₹2 each at ₹1,250 a share.
The board has fixed August 25 as the record date to determine shareholders eligibility for the same. The retail entitlement ratio is 7 shares for every 47 held as on record date and one equity share for 19 for all other shareholders under the general category.
The share buyback size represents 5.87 per cent of the total paid-up equity share capital. The company’s promoter and promoter group have expressed their intention not to participate in the buyback.
Shares of Piramal Enterprises closed at ₹1,160.40 on the BSE, up 4.54 per cent over the previous day’s close.