Shares of KDDL Ltd. gained almost 2% after the company’s board approved its first-ever buyback of equity shares. The buyback will cover up to 1.9% of the company’s total equity, with promoters also participating.
This buyback will be conducted via the tender offer route, meaning shares will be repurchased at a pre-determined fixed price. This method ensures a fair and transparent process for shareholders.
KDDL, known for designing and marketing watches and accessories such as machine dials and watch hands, has consistently paid dividends to its shareholders. However, this is the first time the company is undertaking a share buyback. The last significant corporate action was a rights issue in 2021.
Shares of KDDL ended the day at ₹3,301. The stock has seen an 18% increase in 2024 and has doubled in value over the past 12 months, rising 124%.
