Dwarikesh Sugar buyback 2024: The board of directors of Dwarikesh Sugar Industries Ltd has declared a buyback of shares not aggregating beyond ₹31.50 crore. Dwarikesh Sugar buyback price has been fixed at ₹105 per equity share. The company board in its meeting held on 8th March 2024 took this decision and declared 20th March 2024 as the record date for the buyback of shares. Dwarikesh Sugar Industries Ltd board considered and approved the buyback of up to 30 lakh company shares through the tender route.
Dwarikesh Sugar Industries Ltd informed Indian stock market bourses about the buyback of shares saying, “The Board of Directors of Dwarikesh Sugar Industries Ltd. approved a buyback offer of 30,00,000 fully paid-up equity shares of face value Re. 1 (Rupee one only) each by the company during its meeting held on the 8th March, 2024. This buyback represents 1.59% of the total paid-up Equity Share Capital of the Company at a price of Rs. 105 (Rupees one hundred and five only) per Equity Share. The aggregate consideration of this proposed buyback is up to ₹31.50 crores. This aggregate consideration represents 4.49% of the aggregate of the fully paid-up Equity Share capital and free reserves as per the latest audited financial statements of the Company as on March 31, 2023.”
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“The buyback will be conducted on a proportionate basis through a ‘tender offer’ mechanism. Shareholders holding shares as of the record date, i.e., 20th March 2024, are eligible to participate. Shareholders will have the opportunity to tender a portion of their shares at the buyback offer price,” the company added.
Dwarikesh Sugar buyback: Key details
1] Dwarikesh Sugar buyback price: The company board had declared the buyback price at ₹105 per equity share.
2] Dwarikesh Sugar buyback date: The board of directors of the company has fixed 20th March 2024 as the record date for the buyback of shares.
3] Dwarikesh Sugar buyback mechanism: The company board has announced that the buyback of shares will be done through the tender mechanism.
4] Dwarikesh Sugar buyback size: The company board has considered and approved the buyback of up to 30 lakh company shares, which means the buyback offer size is up to ₹31.50 crore.
5] Dwarikesh Sugar buyback premium: Dwarikesh Sugar share price ended at ₹81.40 apiece on NSE, which means the buyback offer has been made at a premium of nearly 30 percent.
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Published: 09 Mar 2024, 11:15 AM IST