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The board of FMCG major Emami today approved a 194 crore share buyback offer, at a price not exceeding 300 per share, representing 1.43% of the total number of equity shares of the company.

Promoters of Emami held 52.74% stake in the company as of 13th March.

Emami also announced payment of second interim dividend of 2 per equity share. Record date for receiving this interim dividend is 27th March 2020.

Emami shares were up 2% at 194 per share in afternoon trade.

In February, the promoters had entered into an agreement to sell their cement business to Nirma to pare debt at the promoter level and the sale process is expected to be completed by June.

Emami had reported a 5% increase in its consolidated net profit at 144.44 crore for the third quarter ended December 31, 2019 helped by rise in gross margins and cost control measures. It had reported a net profit of 137.54 crore in October-December quarter a year ago, Emami said in a BSE filing.

Its total income was at 828.22 crore, up 1.02 per cent, during the quarter under review, as against 819.83 crore in the corresponding period of the previous fiscal. (With Agency Inputs)

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