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The board of directors of Kaveri Seeds has approved a proposal to buyback shares (with a face value of ₹2 each) at a price not exceeding ₹850 aggregating to ₹120 crore from the open market. “It would represent approximately 2.34 per cent of the paid-up shares of the company as of March 31,” the firm said in a statement.
Also read: Pandemic, HTBt seeds hit Kaveri Seeds sales, PAT
The company is looking at buying back a maximum of 14.11 lakh shares at the maximum buyback price. If the shares are bought back at a lower price than the maximum buyback price, the number of shares bought back would go up, the firm informed the Bombay Stock Exchange on Wednesday.
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