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EID Parry to buy back shares

CHENNAI: EID Parry India, the flagship company of the Murugappa Group, is planning to buy back 25 per cent of its paid-up shares of the face value of Rs.2 each.

The company will seek the shareholders’ approval for the share buy-back proposal through postal ballots.

According to a company notification to the Bombay Stock Exchange, the maximum price would be Rs. 160 per equity share. These could be bought from the existing shareholders on a proportionate basis through a tender offer or from the open market (either through the book-building process or through purchases in stock exchanges) or any other method as my be prescribed under the Act and/or the buy-back regulations, it said.

A. Vellayan, Vice-Chairman of the Murugappa Group, told The Hindu that ``the company (EID Parry) feels that it is good for it.” Elaborating further, he said EID Parry was not all that keen on investing in the sugar business unless the policy environment improved. While the State was witnessing a surplus situation, the policy environment had not helped the cause of the sugar industry. The Board of EID Parry has appointed R Sridharan & Associates, practicing company secretaries, as scrutinizer for conducting the postal ballot voting process.

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