Insecticides (India) said that its board has has approved a proposal to buyback 5 lakh shares of the company at a price of Rs 1,000 per equity share and the aggregate consideration for the same would not exceed Rs 50 crore.
The buyback price of Rs 1,000 per equity share represents a premium of 0.2% to the scrips todays closing price of Rs 998.05 on the BSE.
The company will buyback up to 5,00,000 fully paid-up equity shares, representing 1.69% of the total paid-up equity shares of the company.
The buyback size is less than 10% of the aggregate of the paid-up equity capital and free reserves as on 31 March 2024.
The board also noted the intention of the promoters and promoter group of the company to participate in the proposed buyback.
The shares would be bought back on a proportionate basis through the "tender offer route.
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Further, the board has decided Wednesday, 11 September 2024, as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the proposed buyback offer.
Insecticides (India) is engaged in the manufacturing activities of agro chemicals, pesticides and technical products for agriculture purposes.
The company's consolidated net profit rose 68.19% to Rs 49.01 crore on a 2.62% increase in sales to Rs 656.69 crore in Q1 FY25 over Q1 FY24.
The scrip had declined 0.11% to end at Rs 998.05 on the BSE today.
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