Bayer Cropscience is trading higher by 5% to Rs 1,735 after the agrochemicals manufacturer said that it is considering buyback of its own shares from the public shareholders.
The stock opened at Rs 1,705 and hit a new high of Rs 1,789 on NSE. A combined around 50,000 shares have changed hands on the counter against an average sub 30,000 shares that were traded daily in past two weeks on NSE and BSE.
“The board of directors of the company will meet on July 22, 2013, to consider a proposal for buy back of the company's equity shares,” Bayer Cropscience said in a BSE filing.
Currently, the promoter Bayer AG and others held 71.11% stake in its Indian arm. Domestic institutional investors held 11.56% stake followed by individual shareholders (8.52%), foreign institutional investors (5.27%) and bodies corporate (3.52%).
The stock opened at Rs 1,705 and hit a new high of Rs 1,789 on NSE. A combined around 50,000 shares have changed hands on the counter against an average sub 30,000 shares that were traded daily in past two weeks on NSE and BSE.
“The board of directors of the company will meet on July 22, 2013, to consider a proposal for buy back of the company's equity shares,” Bayer Cropscience said in a BSE filing.
Currently, the promoter Bayer AG and others held 71.11% stake in its Indian arm. Domestic institutional investors held 11.56% stake followed by individual shareholders (8.52%), foreign institutional investors (5.27%) and bodies corporate (3.52%).
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