Chambal Fertilisers to buy back 1.55 crore shares for up to Rs 700 crore

Chambal Fertilisers to buy back 1.55 crore shares for up to Rs 700 crore

Chambal Fertilisers and Chemicals Ltd (CFCL) on Wednesday said its board has approved the buyback of 1.55 crore shares for up to Rs 700 crore.

The equity share will be bought back at a price of Rs 450 apiece on a proportionate basis through the tender offer route, the company said in a regulatory filing.

"…the Board of Directors of the Company approved the buyback of up to 1.55 crore fully paid-up equity shares of the company of face value of Rs 10 for an aggregate consideration not exceeding Rs 700 crore," it said.

The buyback size constitutes 9.82 per cent and 9.52 per cent of the fully paid-up equity share capital and free reserves as on March 31, 2023.

The company has fixed January 18 the record date for the buyback, the filing added.

The company's share closed at Rs 374.60 a piece on the BSE on Wednesday. PTI LUX TRB