Insecticides board to mull share buyback on March 30; stock surges 11%

The board of directors of the agrochemicals company is scheduled to meet on March 30, to consider share buyback proposal.

Shares of Insecticides (India) surged 11 per cent to Rs 492 on the BSE in intra-day trade on Tuesday after the agrochemicals company said its board will meet on March 30 to consider a share buyback proposal.

“A meeting of the board of directors of Insecticides (India) is scheduled to be held on Tuesday, March 30, 2021, inter-alia, to consider the proposal for buyback of the fully paid-up equity shares of the Company of the face value of Rs 10 each, as well as, matters related/incidental thereto,” the company said in an exchange filing.

A buyback, also known as a share repurchase,