Piramal Enterprises says board to consider share buyback proposal on July 28

Piramal Enterprises Ltd on Tuesday announced that its Board of Directors will convene a meeting on July 28, 2023, to discuss several key matters, including a proposal to buyback equity shares of the company. 

“The Board of Directors of Piramal Enterprises Limited at its meeting scheduled to be held on Friday, July 28, 2023, shall, inter-alia, be considering a proposal to buyback equity shares of the Company,” said the company in its regulatory filling. 

To adhere to SEBI (Prohibition of Insider Trading) Regulations, 2015, the company has initiated the closure of the ‘Trading Window’ for dealing in its securities from July 1, 2023, and the window will remain closed until July 30, 2023 (both days inclusive). This measure aims to ensure compliance and prevent any potential insider trading activities during this crucial period of discussion and decision-making.

Piramal’s buyback of its equity shares comes following the buyback announcements by Wipro Ltd and Larsen & Toubro Ltd (L&T).

Wipro’s buyback was worth Rs 12,000 crore, while L&T’s buyback plan is nearly worth Rs 10,000.

Piramal Enterprises will be announcing its June quarter results on July 28.

The company completed its acquisition of DHFL for Rs 34,250 crore in 2021 which included a cash component and non-convertible debentures.

The total consideration of Rs 34,250 crore includes an upfront cash payment of nearly Rs 14,700 crore and issuance of debt instruments of nearly Rs 19,550 crore

Shares of Piramal Enterprises closed 1.3 per cent higher at Rs 1,005 after Tuesday’s trading session. 

Also Watch | Nifty, Sensex end mixed; JSW Steel, Tata Steel among top gainers; Asian Paints, ITC top losers; Jyothy Labs, SJVN, Adani Green Energy, other buzzing stocks on July 25