Insecticides (India) board OKs share buyback

The board of Insecticides (India) on Tuesday approved a proposal to buyback equity shares worth upto Rs 60 crore.

The company proposes to buyback shares at a maximum price of Rs 575. At the maximum buyback price and the maximum buyback size, the indicative maximum number of equity shares bought back would be 10,43,478, which is 5.05% of the total number of paid-up equity shares of the company.

Further, the number of equity shares to be bought back will not exceed 25% of the total paid up equity capital of the company as at 31 March 2020. The company will utilize at least 50% of the maximum buyback size.

As on 26 March 2021, the promoter & promoter group held 68.89% stake in the company.

Insecticides (India) is engaged in the manufacturing activities of agro chemicals, pesticides and technical products for agriculture purposes.

The company's consolidated net profit declined 30.90% to Rs 6.15 crore on a 13.81% rise in net sales to Rs 299.17 crore in Q3 FY21 over Q3 FY20.

The scrip rose 0.49% to currently trade at Rs 475.75 on the BSE.

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