Dhanuka Agritech soars ~8% as board to consider buyback

28 Oct 2022 , 02:18 PM

Dhanuka Agritech’s stock surged as much as 8% in Friday’s intraday session and touched a high of Rs742.

The company stated in its filing with the exchanges that at its ensuing general meeting the board of directors shall also consider the proposal for the buyback of its fully paid-up equity shares via the Tender Offer route. The buyback shall be up to the such amount of the aggregate of company’s paid-up equity share capital and free reserves as the Board may decide in accordance with Sections 68, 69, and 70 of the Companies Act, 2013.

The company is considering a buyback through the tender offer route.

In 2020, the company authorised the purchase of up to 10 lakh equity shares at a price of Rs1,000 per share for a total purchase price of not more than Rs100 crore.

Over a three-year period, Dhanuka Agritech has provided multi-bagger returns of 150%.

At around 2.22 PM, Dhanuka Agritech was trading at Rs722.55 up by 5.5% from its previous closing of Rs684.85 on the BSE. The scrip touched intraday high and low of Rs740.10 and Rs721.85 respectively.

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