Dhanuka Agritech Ltd. announced a buyback of 5 lakh fully paid-up equity shares worth Rs 100 crore through a tender offer process on Tuesday via exchanges.
The buyback has been approved by the company's Board of Directors and is being carried out in accordance with the Companies Act, 2013, and the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018.
The agrochemicals producers' buyback involves the purchase of 5,00,000 equity shares with a face value of Rs 2 each at a price of Rs 2,000 per share. The total consideration for the buyback amounts to Rs 100 crore.
The buyback offer will open on Aug. 22 and close on Aug. 28. Shareholders who wish to participate in the buyback must submit the completed tender offer form and other specified documents to the registrar by the closing date.
The last date for the dispatch of share certificates by the Registrar, payment of consideration to shareholders, and return of unaccepted demat shares by the stock exchange is set for Sept. 4.
Shares of the company closed 2.64% lower at Rs 1747.40 per share, compared to a 0.51% advance in the NSE Nifty 50. The stock has risen 124.66% year-to-date and 65.32% over the past 12 months.
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