Dhanuka Agritech previously carried out a buyback of equity shares in September 2020 and another in 2019.
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The board of directors of Dhanuka Agritech has approved the company’s proposal for a Rs 85 crore buyback of its shares.
The board of directors approved the proposal during its meeting on November 1 and will be conducting the buyback at a price of Rs 850 per share for 10 lakh shares, or 2.15 percent of the total paid-up equity share capital of the company.
The company informed the stock exchanges in a filing that it would be undertaking the buyback on a proportionate basis through the "tender offer" route.
Shares of the company had surged by 8 percent on Friday after the company said it would consider buyback of its equity shares at its board meeting on November 1.
This is the third buyback offer from the company in three years. Dhanuka Agritech previously carried out a buyback of equity shares in September 2020 and another in 2019. The 2019 buyback offer was executed at Rs 550 per share while the 2020 offer was executed at Rs 1,000 per share.