Dhanuka Agritech - Buy back - Angel Broking

Mr. Keshav Lahoti - Associate Equity Analyst, Angel Broking Ltd

"Dhanuka Agritech buyback offers begin on October 20, 2020 and will close on November 02, 2020. Offer is to buy back 10,00,000 (ten lakhs) fully paid-up equity shares of the face value of ₹2 each at a price at ₹1,000 per equity share for an aggregate amount of ₹100 crore on a proportionate basis through the tender offer process. Record date for the eligible shareholders was September 28, 2020. We advise eligible shareholders to participate in buy back as buy back price is at 44% above the current market price. We are bullish on the Company as it has better return ratios, working capital cycle and cash flow compared to its peers. We are positive on the long term prospects of the Company owing management capability and a wide & diversified product portfolio as well as reach."

Shares of DHANUKA AGRITECH LTD. was last trading in BSE at Rs.695 as compared to the previous close of Rs. 699.6. The total number of shares traded during the day was 1831 in over 424 trades.

The stock hit an intraday high of Rs. 719.5 and intraday low of 691. The net turnover during the day was Rs. 1285557.

Source : Equity Bulls

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