FMCG firm Jyothy Labs Ltd on Monday (November 9) raised the buyback price of its equity shares by 11.6% to ₹240 per share from ₹215 earlier, while reducing the maximum number of shares it plans to repurchase to 61.25 lakh from 68.37 lakh.
The company’s Buyback Committee approved the revisions at its meeting held on November 9, in an addendum to the public announcement issued on November 5 and published on November 6.
Under the revised terms, Jyothy Labs will buy back up to 61.25 lakh fully paid-up equity shares of face value ₹1 each, representing up to 1.67% of its total paid-up equity share capital. The buyback will be conducted through the tender offer route on a proportionate basis.
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The company had earlier proposed to repurchase up to 68,37,210 equity shares at ₹215 apiece.
Jyothy Labs had announced an aggregate buyback amount of up to ₹147 crore under the earlier proposal. The November 9 filing revises the buyback price and maximum number of shares but does not specify a revised aggregate buyback amount.
Promoters and promoter group entities will not be participating in the buyback, the company said in its statement. The board has also constituted a buyback committee to formulate further details of the buyback. The record date for the same has not yet been disclosed.
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At the end of the September quarter, promoters and group entities owned a 62.88% stake in the company. Mutual Funds had an 8% stake, while nearly 2.39 lakh retail shareholders, or those with authorised share capital of up to ₹2 lakh, had a 10.23% stake in the company.
During the September quarter, Jyothy Laboratories reported a 3.3% revenue growth to ₹760 crore, while its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter dropped by 83.9% year-on-year to ₹19 crore, while margins narrowed to 2.5% from 16% last year.
Shares of Jyothy Labs Ltd ended at ₹202.85, up by ₹1.37, or 2.75%, on the BSE.
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