Bayer CropScience gains as board approves share buyback plan

Bayer CropScience rose 2.72% to Rs 3,810 at 9:22 IST on BSE after the company's board of directors approved a share buyback proposal on a proportionate basis from shareholders of the company.

The announcement was made after trading hours yesterday, 3 June 2015.

Meanwhile, the BSE Sensex was down 3.40 points, or 0.01%, to 26,833

On BSE, so far 11,854 shares were traded in the counter, compared with an average volume of 4,840 shares in the past one quarter.

The stock hit a high of Rs 3,825 and a low of Rs 3,705 so far during the day. The stock hit a record high of Rs 4,234 on 16 April 2015. The stock hit a 52-week low of Rs 1,505.55 on 20 June 2014.

The stock had underperformed the market over the past one month till 3 June 2015, falling 1.7% compared with 0.64% decline in the Sensex. The scrip also underperformed the market in past one quarter, rising 9.1% as against Sensex's 9.31% fall.

The large-cap company has an equity capital of Rs 36.62 crore. Face value per share is Rs 10.

Bayer CropScience's board of directors at its meeting held yesterday, 3 June 2015, unanimously approved a buyback proposal for purchase by the company of upto 12.65 lakh equity shares (representing 3.45% of the total equity capital), 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 (Buy-Back of Securities) Regulations, 1998 (the "Buyback Regulations") at a price of Rs 4000 per equity share, aggregating to approximately Rs 506 crore in accordance with the provisions of the Companies Act, 2013 and the Buyback Regulations (the Buyback ). The Board noted the intention of the Promoter Group of the company to participate in the proposed buyback.

Bayer CropScience's net profit rose 41% to Rs 55 crore on 7.6% rise in total income to Rs 729.30 crore in Q3 December 2014 over Q3 December 2013.

Bayer CropScience operates in three business segments: crop protection, bioscience and environmental science - offering a range of products and extensive service backup for modern, sustainable agriculture as well as for non-agricultural applications.

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