Shares of Kaveri Seed Company rose over 5 percent in early trade on September 25 after the company board approved buyback of equity shares.
The board has considered and approved the proposal for buyback of fully paid-up equity shares of face value of Rs 2 each, not exceeding 28,00,000 equity shares for an aggregate amount not exceeding Rs 196 crore.
The buyback offer size represents 20.01 percent and 20.14 percent of the aggregate of the fully paid-up equity capital and free reserves, respectively.
The proposed buyback will be subject to approval of shareholders and all other applicable statutory and regulatory approvals.
The board has appointed M/s. L. D. Reddy & Co, Company Secretaries as the scrutinizer for conducting the postal ballot activity.
At 0922 hrs, Kaveri Seed Company was quoting at Rs 568.10, up Rs 20.70, or 3.78 percent on the BSE.
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