Hindustan Unilever Ltd has informed that the Board of Directors of the Company at its meeting held on June 11, 2010, have:
- approved the proposal for buy-back of Companys shares at a price not exceeding Rs. 280/- per share and upto an aggregate amount of Rs. 630 Crores, being within 25% of the paid up share capital and free reserves as per the audited balance sheet as at March 31, 2010. The proposal for buy-back is subject to necessary shareholders approval and compliance of statutory process.
The buy back is proposed to be carried out from open market through the Bombay Stock Exchange Ltd. and the National Stock Exchange of India Ltd.
- decided to seek the consent of Members of the Company for the above proposal through Postal Ballot.
In this regard, the Company has issued a Press Release dated June 11, 2010 titled HUL Board approves Share Buyback at a maximum price of Rs. 280 per share.
Source: Dalal Street investment journal
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