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    Multibagger agrochemicals stock ends 1% lower after buyback announcement

    Synopsis

    The company in its board meeting on Tuesday approved a Rs 85 crore share buyback plan through tender offer

    Dhanuka Agritech share buybackETMarkets.com
    Shares of Dhanuka Agritech on Wednesday ended with a cut of close to 1% at Rs 723.95 per share. The company in its board meeting on Tuesday approved a Rs 85 crore share buyback plan through tender offer. The price decided for the repurchase is Rs 850 per share.

    “The board of directors of Dhanuka Agritech Limited at its meeting held on November 01, 2022, has inter-alia approved the proposal to buyback its own fully paid up Equity Shares having Face Value of Rs. 2/- each ('Equity Shares') from the equity shareholders as on Record Date, for upto 10,00,000 fully paid up Equity Shares (being 2.15 % of the total paid up Equity Share Capital of the Company) at a price of Rs. 850/-per share for an aggregate amount not exceeding Rs. 85 crore only, (being less than 10% of the Paid Up Capital and Free Reserves as on March 31, 2022) on a proportionate basis through the "Tender Offer" route as per SEBI Buyback Regulations and the Companies Act, 2013,” said the company’s filing with the exchange.

    The company has fixed November 18 as the record date.

    Shares of Dhanuka Agritech have yielded multibagger returns of 144% in the last 3 years, while on a year-to-date basis, it has yielded negative a return of over 12%.

    Dhanuka Agritech, with a market capitalization of around Rs 3,400 crore, is among the country’s leading agro-chemical companies and is listed by Forbes Magazine in the category of “200 Best under A Billion Companies in Asia Pacific”.




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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

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