Bayer CropScience today said its board has approved a proposal to buy back 10.20 lakh equity shares worth Rs 500 crore from its shareholders. However, the buyback would be subject to approval of the shareholders by way of a special resolution through postal ballot and all other applicable statutory approvals, the company said in a BSE filing.

The proposal to buy back 10,20,408 shares of Rs 10 each from all shareholders was approved in today’s board meeting. The price of Rs 4,900 has been fixed for purchase of each share, aggregating to Rs 500 crore. The shares would be bought on a proportionate basis through the tender offer route.

The shares of the company fell by 2.45 per cent to settle at Rs 4,740 a share on the BSE.