Bayer CropScience has plunged 8.5% to Rs 1,605 after agrochemicals firm has fixed share buyback price at Rs 1,580 per share through tender offer. The proposed buyback is 10% discount to Monday’s closing price of Rs 1,753 on NSE.
The board of directors of the company at their meeting held on July 22, has approved proposal to buy back about 2.88 million equity shares for around Rs 455 crore.
"The company will buy back its own equity share from all the shareholders, including promoter of the company on a proportionate basis through the "Tender Offer" route at price not more than Rs 1,580 per share,” Bayer CropScience said in a statement.
The stock opened at Rs 1,600 and touched low of Rs 1,592 on NSE. A combined around 35,000 shares have changed hands on the counter so far on NSE and BSE.
The board of directors of the company at their meeting held on July 22, has approved proposal to buy back about 2.88 million equity shares for around Rs 455 crore.
"The company will buy back its own equity share from all the shareholders, including promoter of the company on a proportionate basis through the "Tender Offer" route at price not more than Rs 1,580 per share,” Bayer CropScience said in a statement.
The stock opened at Rs 1,600 and touched low of Rs 1,592 on NSE. A combined around 35,000 shares have changed hands on the counter so far on NSE and BSE.
