Today, the Board of FMCG major Emami has approved Rs 194 crore share buyback offer, at a price not exceeding Rs 300 per share, representing 1.43 per cent of the total number of equity share of the company. Promoters of Emami held 52.74 per cent stake in the company as of 13th March.
Emami also announced the payment of a second interim dividend of Rs 2 per equity share. The record date for receiving this interim dividend is 27th March 2020. Emami shares were up 2 per cent at Rs 194 per share in afternoon trade. In February, the promoters had entered into an agreement to sell their cement business to Nirma to pare debt at the promoter level and the sale process is expected to be completed by June.
Emami had reported a 5 per cent increase in its consolidated net profit at Rs 144.44 crore for the third quarter ended December 31, 2019, helped by a rise in gross margins and cost control measures. It had reported a net profit of Rs 137.54 crore in October-December quarter a year ago, Emami said in a BSE filing. Its total income was at Rs 828.22 crore, up 1.02 per cent, during the quarter under review, as against Rs 819.83 crore in the corresponding period of the previous fiscal.
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