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Kaveri Seed’s Board Approves Rs 126-Crore Share Buyback; What Buyers Want To Know

Kaveri Seed Share Buyback: Kaveri Seed Firm on Thursday stated its board has authorised the proposal for the buyback of the corporate’s shares having a face worth of two every, for an mixture quantity of Rs 125.65 crore. The utmost variety of fairness shares proposed to be purchased again, at a most value not exceeding Rs 700 per share, will likely be 17,95,000 fairness shares, which is about 3.08 per cent of the corporate’s paid-up shares as of March 31, 2022.

If the fairness shares are purchased again at a value under the utmost buyback value, the precise variety of shares purchased again might exceed 17,95,000 however will at all times be topic to the utmost buyback dimension and also will be no more than 25 per cent of the whole variety of fairness shares within the paid-up fairness capital of the corporate as of March 31, 2022, Kaveri Seed Firm stated in a BSE submitting.

Kaveri Seed is India’s largest agriculture firm specialising in hybrid seeds in key Indian crops.

Via share buyback, an organization purchases its personal shares from its present shareholders. An organization might do that to spice up the worth of its inventory and to enhance the monetary statements.

“The board of administrators of Kave Seed Firm Restricted at its assembly at present (October 27) thought-about and authorised the proposal for the buyback of the corporate’s fully-paid fairness shales having a face worth of Rs 2 every, for an mixture quantity not exceeding Rs 125,65,00,000, excluding any bills incurred or to be incurred for the buyback viz. brokerage, prices, ft turnover costs, taxes comparable to buyback tax, securities transaction tax, items and providers tax (if any) and earnings tax, stamp responsibility, advisors charges, printing bills, submitting charges and different incidental and associated bills and costs and at a value not exceeding Rs 7OO per fairness share payable in money from its shareholders/helpful house owners from the open market,” in accordance with the BSE submitting.

Kaveri Seed stated the utmost buyback dimension represents 9.85 per cent and 9.68 per cent of the combination of the whole paid-up capital and free reserves of the corporate based mostly on the audited standalone and consolidated monetary assertion of the corporate as of March 31, 2022, respectively.

The corporate stated, “The general public announcement setting out particulars of buyback together with the method, timelines and different statutory particulars of the buyback will likely be launched in accordance with the buyback rules.”

Kaveri Seed Firm’s shares on Thursday have been up by 5.85 per cent, or Rs 26.75, to shut at Rs 483.7 apiece on the BSE.

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