Date: October 29, 2026

Board Meeting Outcomes

At the Board of Directors meeting held on October 23, 2026, the company approved a buyback of equity shares through open market purchases on NSE and BSE.

Key decisions include:

  • Approval for buyback of up to 1,20,000 fully paid-up equity shares of face value ₹10 each
  • Maximum buyback price of ₹7,500 per equity share
  • Total maximum consideration of ₹90,00,00,000 (ninety crore rupees)
  • Buyback represents 0.41% of total equity shares and 1.72%/1.69% of paid-up equity share capital and free reserves (standalone/consolidated)
  • Minimum buyback size utilization of ₹67,50,00,000 (75% of maximum size)
  • Minimum utilization of ₹36,00,00,000 (40% of maximum size) during initial half of buyback period

Buyback Details

Method: Open market purchase through stock exchanges using order matching mechanism (excluding "all or none" system)

Source of Funds: Free reserves, current surplus, cash and cash equivalents, internal accruals, liquid resources (not from borrowed funds)

Period: Maximum 66 working days from opening date (to open within 4 working days from public announcement)

Exclusions: Buyback excludes Promoters, Promoter Group, and persons in control of the Company

Minimum Public Shareholding: Company confirms compliance with Regulation 38 of SEBI LODR Regulations

Financial Parameters

  • Maximum number of shares: 1,20,000 (0.41% of total equity)
  • Maximum price: ₹7,500 per share
  • Maximum consideration: ₹90 crore
  • Transaction costs (brokerage, fees, taxes, etc.) excluded from maximum consideration
  • Debt-to-equity ratio post-buyback confirmed not to exceed 2:1
  • No defaults in repayment of deposits, debentures, preference shares, or term loans

Appointments

Compliance Officer: Mr. Lalit Patni, Company Secretary and Chief Compliance Officer

Investor Service Centre: MUFG Intime India Private Limited

Manager to Buyback: Vivro Financial Services Private Limited

Registrar and Transfer Agent: MUFG Intime India Private Limited

Broker: Nuvama Wealth and Investment Limited

Escrow Account Arrangements

Escrow account "Atul Limited - Buy-back - Escrow Account 2026" to be opened with State Bank of India, Commercial Clients Group, Regional Office, Ahmedabad.

Authorized Officials for Escrow Account Operation:

  • From Company: Mr. Ashutosh Desai (Senior Vice President, Finance), Mr. Lalit Patni (Company Secretary and Chief Compliance Officer), Mr. Ishan Sonthalia (CFO Designate), Mr. Bharat Joshi (Senior Vice President, Accounts and Taxation), Mr. Krunal Thakkar (Senior Manager, Finance), Mr. Bharat Patel (Assistant Manager, Finance)
  • From Manager to Buyback: Mr. Jayesh Vithlani (SVP - Capital Markets, Authorised Signatory)

Buyback Committee

Constituted with members:

  • Mr. Sunil Lalbhai (DIN: 00045590), Chairman and Managing Director
  • Mr. Vivek Gadre (DIN: 08906935), Whole-time Director
  • Mr. Gopi Kannan Thirukonda (DIN: 00048645), Whole-time Director and Chief Financial Officer

Committee authorized to finalize terms, arrange funds, issue public announcements, and manage buyback implementation.

Compliance Undertakings

The company certified compliance with:

  • SEBI (Buy-Back of Securities) Regulations, 2018
  • Companies Act, 2013 and rules thereunder
  • Regulation 38 of SEBI LODR Regulations for minimum public shareholding
  • Regulation 17(iii) of SEBI Buyback Regulations
  • Regulation 9(xi) of SEBI Buyback Regulations
  • Regulation 16 regarding frequently traded shares

Additional Resolutions

  • Declaration of solvency to be filed with ROC and SEBI
  • Transfer to capital redemption reserve account equal to nominal value of shares bought back
  • No previous buyback completed within one year
  • No scheme of amalgamation/compromise/arrangement pending
  • No further capital raising for one year except bonus issues or discharge of subsisting obligations
  • Shares of promoters and promoter group to remain frozen at ISIN level during buyback period

Solvency Confirmation

Board confirmed that:

  • No grounds for company to be found unable to pay its debts immediately after buyback approval
  • Company will be able to meet liabilities for one year following approval
  • Prospective and contingent liabilities considered in solvency assessment