Speciality Chemicals company Aarti Industries Ltd said it will buy back12 lakh equity shares at Rs 800 each, aggregating to Rs 96 cr.
The company´s Board of Directors approved the equity shares — representing up to 1.44% of the company’s base.
“The public announcement setting out the process, timelines and other requisite detail will be released in due course in accordance with the Buyback Regulations,” said the company.
Rashesh Gogri, Vice Chairman & M.D., Aarti Industries said, “The company’s strong balance sheet and cash flows enable us to simultaneously reward the shareholders, while continuing to invest in growth opportunities that will further strengthen our operations and drive long-term profitable growth.”
Aarti Industries (AIL) is an Indian benzene-based speciality chemical company headquartered in Mumbai, Maharashtra, India.
AIL started in 1975, has 125+ products, 500+ domestic customers and 150+ export customers spread across the globe in 60 countries.
AIL serves leading consumers across the globe of Speciality Chemicals and Intermediate for Pharmaceuticals, Agro Chemicals, Polymers, Pigments, Printing Inks, Dyes, Fuel additives, Aromatics, Surfactants and various other speciality chemicals.
The company has 4 Zero Discharge units and a strong focus on Reduce-Reuse-Recover across its 16 manufacturing sites.