Skincare and healthcare company Emami will launch its share buyback programme today (April 13). Share buyback help boost earnings per share (EPS) by reducing the number of shares outstanding.

Last month, the Kolkata-based company’s board approved the buyback of its fully paid-up Re 1 par value stake. It announced that it would be executed through the open market route through the stock exchange mechanism.

The maximum buyback price will not exceed Rs 450 per share, payable in cash, for Rs 186 crore. The repurchase offer will end on July 19, 2023.

A company can buy shares from the open market for long periods through an open market offer. A tender offer, on the other hand, requires shareholders to bid for all or some of their shares at a specific price within a predetermined time frame.

Emami shares opened 0.53% higher at Rs 360.50 per share today, up from its previous close. The company’s shares were spotted trading at Rs 362.05 a share at 9:33 am, up by Rs 3.45 or 0.96% in a flat Mumbai market on Thursday.