Aarti Industries has received its board’s approval for share buyback at price of Rs 1,200 per share through tender offer. The company will buyback up to 820,383 shares of the company representing up to 1% of the total number of equity shares of the company. The buy-back price per equity share is Rs 1,200, payable in cash, for an aggregate buy-back size amount of Rs 98.45 crore. The board of directors have determined January 5, 2018 as the record date for the proposed buy-back.
The promoter and promoter group including person in control of the company intend to participate in the proposed buyback. As of December 21, 2017, the promoter and promoter group hold 53.63% equity share in the company.
Aarti Industries is one of the most competitive benzene-based speciality chemical companies in the world. It is a rare instance of a global speciality chemicals company that combines process chemistry competence (recipe focus) with scale-up engineering competence (asset utilization).