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Dhanuka Agritech to consider third share buyback in three years; shares rise

Dhanuka Agritech to consider third share buyback in three years; shares rise

Dhanuka Agritech to consider third share buyback in three years; shares rise
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By CNBCTV18.com Oct 28, 2022 10:28:50 AM IST (Published)

Despite Friday's gain, shares of Dhanuka Agritech are down nearly 8 percent this year.

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Shares of agrochemicals manufacturer Dhanuka Agritech Ltd. surged as much as 8 percent on Friday after the company said it would consider buyback of its equity shares at its board meeting on November 1.


The buyback, if approved, will take place through the tender offer route.
If approved, this will be the company's third share buyback in as many years.
Dhanuka Agritech previously carried out a buyback of equity shares in September 2020. The Rs 100 crore buyback was done at Rs 1,000 per share. An earlier buyback was executed by the company in 2019 at a price of Rs 550 per share.

Earlier in September, Dhanuka Agritech's MD MK Dhanuka told CNBC TV18 that the Dhanuka group was planning to dilute a 15 percent stake in Orchid Pharma by March 2023. The company is looking at all options to reduce the holding in the pharma company, Dhanuka had said.

Dhanuka Laboratories had taken over Orchid Pharma in 2020 as per an insolvency resolution plan that was approved by courts and the company’s lenders.

Dhanuka added that the group was also looking to merge Orchid Pharma and Dhanuka Labs.

Shares of Dhanuka Agritech are trading 5.5 percent higher at Rs 722.55 as of 10:30 AM.
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