KRBL rises on share buyback plan

The board meet on February 12, 2013, to consider and take a decision on buy back of equity shares of the company.

KRBL has moved higher by 7% to Rs 27 after the company engaged in packaged foods business announced buyback of equity shares.

“The board of directors of the company will meet on February 12, 2013, to consider and take a decision on buy back of equity shares of the company,” KRBL said in a statement.

The board shall also consider the un-audited financial results for the quarter ended December 31, 2012, it added.

The promoters currently hold 56.78% stake in the company as on September 2012, the BSE data shows.  The individual shareholders held 16.74% stake, followed by bodies corporate (5.48%) and foreign institutional investors (3.15%), while remaining stake are with foreign corporate bodies and foreign nationals.

KRBL is the world’s largest rice millers and Basmati rice exporters. The Company’s domestic and international brand portfolio includes ‘India Gate’, ‘Taj Mahal’, ‘Doon’, ‘Unity’, ‘Nur Jahan’, Al Wisam.

The stock opened at Rs 25.50 and touched high of Rs 27.50 on NSE. A combined 959,000 shares have changed hands on the counter till noon deals on both the exchanges.