Dhanuka Agritech Ltd Board approves Buy back of equity shares at Rs. 1000

The Board of Directors of Dhanuka Agritech Ltd in its meeting held today has approved , subject to approval of members / shareholders of the Company, a proposal of buy back of fully paid-up equity shares of face value Rs. 2 (Rupees Two only) each of the Company ("Equity Shares") not exceeding maximum Buyback price of Rs. 1000/- (Rupees One Thousand only) per Equity Share ("Maximum Buy Back Offer Price") payable in cash for an aggregate amount not exceeding Rs. 100,00,00,000/- (Rupees One Hundred Crores only), excluding Transaction Costs (hereinafter referred to as the "Maximum Buy Back Offer Size"), being 14.27% of the total paid-up Equity Share capital and free reserves of the Company based on the latest standalone and consolidated audited financial statements of the Company respectively as at March 31, 2020, from the shareholders / beneficial owners of the Equity Shares of the Company as on a record date to be subsequently decided by the Board / Buy Back Committee ("Record Date"), through the "tender offer" route, on a proportionate basis as prescribed under the Buy Back Regulations (hereinafter referred to as the "Buy Back").

At the Maximum Buy Back Offer Price i.e. Rs. 1000/- (Rupees One Thousand only) per Equity Share and for Maximum Buy Back Offer Size i.e. Rs. 100,00,00,000 (Rupees One Hundred Crores only), indicative maximum number of Equity Shares proposed to bought back would be 10,00,000 (Ten Lakh) Equity Shares ("Indicative Maximum Buy Back Shares"). However the actual bought back shares may exceed the Indicative Maximum Buy Back Shares, if the Buy Back price fixed by the Board / Buy Back Committee is less than the Maximum Buy Back Offer Price, subject to not exceeding 25% of the total paid-up Equity Share capital and Free Reserves of the Company and the Maximum Buy Back Offer Size. The Board also noted the intention of Promoters and Promoters Group of the Company to participate in the proposed Buy Back.

Mr. Jitin Sadana, Company Secretary appointed as the Compliance officer for the purpose of Proposed Buy Back.

M/s. Emkay Global Financial Services Limited, a SEBI Registered Merchant Banker, has been appointed as the Manager to the Buy Back.

Shares of DHANUKA AGRITECH LTD. was last trading in BSE at Rs.827.7 as compared to the previous close of Rs. 823.75. The total number of shares traded during the day was 10550 in over 932 trades.

The stock hit an intraday high of Rs. 858 and intraday low of 799.45. The net turnover during the day was Rs. 8642900.

Source : Equity Bulls

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