Shares of Insecticides India jump 12% on Wednesday’s session as company has scheduled a board meeting on August 30, 2024, to discuss a proposal for the buyback of its fully paid-up equity shares.
Insecticides India Ltd has scheduled a board meeting on August 30, 2024, to discuss a proposal for the buyback of its fully paid-up equity shares.
The company is considering the buyback through the Tender Offer route. The move will be in accordance with the Companies Act, 2013, and SEBI regulations.
Currently, the company’s shares are trading at INR 927, with a market capitalization of INR 2,742 crore. This decision comes as part of the company’s broader strategy to manage its equity structure and return value to shareholders.
The final details of the buyback, including the number of shares and the price, will be determined by the board during the meeting.
As of 9:20 am the shares of Insecticides India were trading 11.31% higher at ₹1,031.65 on NSE.