Following board consideration of repurchase proposal, Atul Ltd. drops 2%

 Following board consideration of repurchase proposal, Atul Ltd. drops 2%

The maximum number of shares up for grab is 66,666; this amounts to 0.23 percent of the company's total equity shares.

Following the announcement of a repurchase not to exceed Rs 50 crore, shares of Atul Limited were down 2.08 percent, according to an exchange report by the business. A share may be bought back for a maximum of Rs 7,500.

The maximum repurchase price is eleven percent over the closing price of the prior day.

The maximum number of shares up for grab is 66,666; this amounts to 0.23 percent of the company's total equity shares.

45.06 percent of the equity shares outstanding as of November 3 are held by the promoter group. After the repurchase, this will rise to 45.16 percent, assuming that 66,666 shares are acquired at a price of Rs 7500 each. 54.94 percent of the equity shares are held by the public, and this percentage will drop to 54.84 percent after the buyback.

The board of Atul Limited established a committee specifically for the purpose of buybacks, and it has given the committee authority to carry out or order the execution of any actions, deeds, issues, or things that the committee determines are essential in connection with the buyback.

At 11:37 a.m., shares of Atul Limited were down 2.56% on the National Stock Exchange, trading at Rs 6537.

Agrochemicals, Aromatics, Bulk Chemicals and Intermediates, Colors, Pharmaceuticals and Intermediates, and Polymers are the six business segments that make up Atul Limited.

The company's net profit for the July–September quarter was Rs 91 crore, a 38 percent Year-on-Year (YoY) decline.  Atul Limited's revenue dropped 19% year over year to Rs 1197 crore during that time.