A day after the personal care business announced a buyback plan, shares of domestic FMCG company Emami Ltd rose 8% in Wednesday’s trading.
On Friday, March 24, 2023, the Board of Directors of Emami will meet to discuss the proposal for the buyback of the company’s completely paid-up equity shares.
Emami stated in a filing that the board of directors of the company will convene on March 24 to discuss a proposal for the buyback of fully paid-up equity shares of the company.
A share buyback program’s main goal is to stop a share’s value from declining by reducing its supply, which basically raises the share price through better price-to-earnings (P/E) multiples.
Additionally, the company announced that as of March 21, 2023, 48 hours following the dissemination, all insiders or designated people covered by the company’s code of conduct, as well as their direct family members, will not be permitted to transact in the firm’s securities. as much as.
