Pidilite Industries has received its board’s approval for share buyback proposal of up to Rs 500 crore. The Board of Directors of the company approved buyback proposal for purchase by the company of its own fully paid equity shares of Re 1 each not exceeding 50 lakh equity shares at a price of Rs 1,000 per equity share.
The 50 lakh equity shares constitute 0.975 per cent of the total paid-up equity capital of the company. The buyback will be subject to approval of the shareholders by way of a special resolution through postal ballot and all other applicable statutory approvals.
Pidilite Industries is engaged in manufacturing consumer and specialities chemicals in India. Its products include adhesives and sealants, construction and paint chemicals, automotive chemicals, art materials, industrial adhesives, industrial and textile resins and organic pigments and preparations.