Emami Limited continued its ₹2,820 crore open market buyback by acquiring 6,50,000 equity shares at an average price of ₹375.94 per share on October 5, 2026. This brings the cumulative shares bought back to 67,72,000 across the first ten trading days of the offer period.

The buyback process is being implemented via the order matching mechanism on the National Stock Exchange and BSE Limited. Emami has appointed IIFL Capital Services Limited as the manager to the buyback to oversee the execution. The company is mandated to utilize at least 75% of the earmarked amount, setting a minimum buyback size of ₹2,115.00 crore. Furthermore, it must deploy at least 40% of the maximum buyback size, amounting to ₹1,128.00 crore, within the first half of the offer period.

Execution Timeline and Parameters

The buyback period will remain open for a maximum of 66 working days from the opening date, closing no later than December 29, 2026. However, the Board may close the buyback earlier once the minimum utilization threshold is met. The maximum number of shares proposed to be bought back is 59,36,842, representing approximately 1.36% of the paid-up equity capital as of March 31, 2026. If shares are purchased below the maximum price, the actual number acquired may exceed this figure, subject to the monetary cap.

Promoters, members of the promoter group, persons in control, and their associates are excluded from participating in the buyback. Consequently, the promoter stake is expected to increase post-buyback due to the reduction in public float.

Assuming the buyback of maximum shares (59,36,842) at the maximum price of ₹475. Actual patterns may vary based on execution.

Daily Buyback Report: September 22-October 5, 2026

The following table details the specific execution metrics for the first ten trading days of the buyback window:

Note: Data for Sep 27 is not explicitly detailed in the latest filing; figures reflect cumulative totals as of Sep 28. Average price excludes transaction costs.

Regulatory Compliance and Governance

The proposal complies with Section 68(2)(b) of the Companies Act, 2013, and Regulation 5(i)(b) of the SEBI (Buy-Back of Securities) Regulations, 2018. The maximum buyback size represents 9.28% of the aggregate of total paid-up capital and free reserves based on audited consolidated financial statements as of March 31, 2026. The company has obtained prior consent from its lenders, confirming no breach of covenants. An escrow account has been opened with HDFC Bank Ltd., with 25% of the maximum buyback size (₹7,050.00 lakh) deposited as security.

What the Numbers Show

The cumulative buyback volume of 67,72,000 shares as of October 5, 2026, has significantly exceeded the maximum proposed share count of 59,36,842. This indicates that Emami is executing the buyback aggressively, capitalizing on lower market prices to maximize the number of shares retired within the monetary cap. The average acquisition price remained stable around ₹375.94 on October 5, compared to ₹374.89 on October 1, suggesting consistent value realization. The exclusion of promoters ensures that the reduction in public float directly enhances promoter ownership percentage, currently projected to rise from 54.84% to 55.60% upon completion of the maximum proposed buyback.

Promoter entities Diwakar Finvest Private Limited and Suraj Finvest Private Limited disclosed the creation and release of pledges on their Emami Limited shares between August 28 and September 2, 2026. The transactions involved lenders including Bajaj Finance Limited, HSBC InvestDirect Financial Services (India) Ltd, and DBS Bank Limited.

The disclosures were filed under Regulation 31(1) & (2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Santinath Paul, authorized signatory for Diwakar Finvest, submitted the report to the National Stock Exchange of India Limited and BSE Limited on September 4, 2026.

Pledge Transactions

Diwakar Finvest created three separate pledges during the reporting period. The entity pledged 800,000 shares to Bajaj Finance Limited on August 28, followed by another pledge of 850,000 shares to the same lender on August 31. A smaller pledge of 50,000 shares was created in favor of HSBC InvestDirect Financial Services (India) Ltd on September 2.

Suraj Finvest engaged in mixed activity, releasing shares while also creating new encumbrances. The entity released 500,000 shares from pledge with Bajaj Finance Limited on August 28 and released a further 850,000 shares from the same lender on August 31. However, Suraj Finvest created a new pledge of 450,000 shares with DBS Bank Limited (through Catalyst Trusteeship Limited as trustee) on September 2.

Holding Status

As on the date of the report, Diwakar Finvest holds 98,794,786 shares, representing 22.63% of Emami's total share capital. Of this holding, 28,491,014 shares (6.53%) remain encumbered. Suraj Finvest holds 105,630,326 shares (24.20%), with 7,566,992 shares (1.73%) currently under pledge.

The net effect of these transactions saw Diwakar Finvest increase its pledged stake by 1,650,000 shares, while Suraj Finvest reduced its pledged stake by 900,000 shares over the five-day period.