Kaveri Seed Company Ltd on Thursday announced that its board of directors at the meeting held on October 27, 2022 have approved share buyback of up to ₹125.6 crore at maximum buyback price not exceeding ₹700 per share.
Shares of Kaveri Seed surged more than 6% to ₹484 apiece on the BSE in afternoon deals.
"The board at its meeting today considered and approved the proposal for the buyback of the company's fully-paid equity shares having a face value oI a 2/- each for an aggregate amount not exceeding ₹125.6 crore excluding any expenses incurred or to be incurred for the Buyback viz.
A share buyback, also known as share repurchase, is a corporate action to buy back its own outstanding shares from its existing shareholders usually at a premium to the prevailing market price.
It can be an alternative tax-efficient way to return money to shareholders.
Kaveri Seed Company Ltd is a leading largest agriculture company in India, specializing in hybrid seeds in key Indian crops.
Source - MInt