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Dalmia Bharat board approves Rs 500 cr share buyback

Capital Market 

Dalmia Bharat on Saturday (21 March) said its board has approved a proposal to buy back shares worth up to Rs 500 crore.

The company said it intends to buy not more than 71,42,857 shares at a maximum price of Rs 700 per share.

The maximum buyback size represents 6.7% and 5% of the aggregate of the total paid-up capital and free reserves of the company based on the audited standalone and consolidated financial statements of the company as at 31 March 2019, respectively. The announcement was made on Saturday, 21 March 2020.

Dalmia Bharat's consolidated net profit slipped 14.3% to Rs 24 crore on a 11.7% increase in net sales to Rs 2,418 crore in Q3 December 2019 over Q3 December 2018.

Dalmia Bharat is a cement manufacturing company based in India. Its segments include cement, refractory and power. The firm's products include Portland Slag Cement (PSC), Portland Pozzolana Cement (PPC) and Portland Composite Cement (PCC).

Shares of Dalmia Bharat was locked in 20% lower circuit at Rs 409.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 23 2020. 14:49 IST