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Kaveri Seed shares jump after board approves Rs 125 crore buyback

Kaveri Seed shares jump after board approves Rs 125 crore buyback

Kaveri Seed shares jump after board approves Rs 125 crore buyback
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By Asmita Pant  Oct 27, 2022 2:25 PM IST (Published)

The company announced on Thursday that the board of directors have approved buyback of fully-paid equity shares.

The shades of Kaveri Seed Company Ltd rose six percent to Rs 484.4 on Thursday after the company announced that the company's board of directors have approved buyback of fully-paid equity shares.

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The company's board of directors in a meeting on Thursday, "approved the proposal for the buyback of the company's fully-paid equity shales having a face value of Rs 2 each ("equity shares"), for an
aggregate amount not exceeding Rs 125,65,00,000 (lndian rupees one hundred twenty five crores and sixty five lakhs only)" the company said in an exchange filing.
The company intends to buyback 3.1 percent of the total issued and paid-up equity share capital of the company.
As of October 21, public shareholders hold 42.6 percent stake in the company. Post buy-back, the public shareholding will come down to 40.7 percent and the stake of the promoters and the promoters group would rise to 59.3 percent, up from 57.4 percent.
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