“The proposed issues relating to buyback of securities and/or bonus issue of securities and payment of interim dividend were considered by the Board today on merits. Intense deliberations on the issues were initiated with stakeholders both internal and external including investors and lenders. The matter was intensely debated in context of current situation and future vision, the Board finally concluded to defer the decision on the issues, for the time being,” Kwality said in a regulatory filing on Tuesday after market hours.
On Monday, Sanjay Dingra, the promoter of Kwality, had sold 1.3 million equity shares of the company at price of Rs 22.07 per share through open market transaction, the exchange data shows. The name of the buyers not ascertained immediately.
According to shareholding pattern data filed by the company with the stock exchange reveals that the promoters holding in Kwality has declined by 9.18 percentage points to 54.76% in March 2018 quarter from 63.94% in December 2017 quarter.