ICI India to utilise surplus cash for share buyback

Kolkata, Jul 26 (UNI) Paint company ICI India Ltd would use its surplus cash of Rs 200 crore to buyback its shares from minority shareholders at a price not exceeding Rs 350 per share.

The total payout for the buyback would not exceed Rs 130 crore, ICI India's chairman Aditya Narayan told reporters on the sidelines of the company's annual general meeting.

ICI's board had also approved the acquisition of one per cent shareholding of Quest India International Ltd from Hindustan Lever Ltd to convert it into a wholly owned subsidiary.

Narayan also informed that the company would seek shareholders approval for the sale of Uniqema business to the Croda group of UK through postal ballots and the results were expected on August 18, 2006.

The total consideration for the transaction stands at around Rs 270 crore.

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