Piramal Enterprises approves Rs 1,750 crore share buyback

Piramal Enterprises on Friday said its board has approved a buyback of 1.4 crore shares at Rs 1,250 each, entailing an outgo of Rs 1,750 crore.

The company's board has approved a buyback of up to 1.4 crore shares of face value of Rs 2 each, representing 5.87 per cent of the pre-buyback fully paid-up shares at a price of Rs 1,250 each, aggregating to Rs 1,750 crore through the tender offer route, the Mumbai-based company said in a regulatory filing.

The promoter and promoter group shall not participate in the buyback, it added.

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