Bayer CropScience gains as board approves share buyback proposal

Shares of Bayer CropScience have surged almost 3% to Rs 3,818 on the National Stock Exchange (NSE) after the company's board of directors approved a share buyback proposal on a proportionate basis from shareholders of the company.

Bayer CropScience's board of directors at its meeting held yesterday, unanimously approved a buyback proposal for purchase by the company of upto 12.65 lakh equity shares, from all the shareholders of the company on a proportionate basis through the "Tender Offer" route as prescribed under the Securities and Exchange Board of India Regulations, 1998 at a price of Rs 4,000 per equity share.  

The stock opened at Rs 3,806, touched a high of Rs 3,840 on the NSE. A total of 46,032 shares changed hands on the NSE so far.