The board of FMCG major Emami today approved a Rs 1.94 bn share buyback offer, at a price not exceeding Rs 300 a 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 Rs 2 per equity share. Record date for receiving this interim dividend is 27th March 2020.

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.