The board of Insecticides (India) on Tuesday approved a proposal to buyback equity shares worth upto Rs 60 crore.
The company proposes to buyback shares at a maximum price of Rs 575. At the maximum buyback price and the maximum buyback size, the indicative maximum number of equity shares bought back would be 10,43,478, which is 5.05% of the total number of paid-up equity shares of the company.Further, the number of equity shares to be bought back will not exceed 25% of the total paid up equity capital of the company as at 31 March 2020. The company will utilize at least 50% of the maximum buyback size.
As on 26 March 2021, the promoter & promoter group held 68.89% stake in the company.
Insecticides (India) is engaged in the manufacturing activities of agro chemicals, pesticides and technical products for agriculture purposes.
The company's consolidated net profit declined 30.90% to Rs 6.15 crore on a 13.81% rise in net sales to Rs 299.17 crore in Q3 FY21 over Q3 FY20.
The scrip rose 0.49% to currently trade at Rs 475.75 on the BSE.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU