Bayer CropScience today said the company's buyback offer to purchase 12.65 lakh shares at a price of Rs 4,000 per share, aggregating Rs 506 crore, will start on August 4.
On June 1, the company's board had approved the buyback offer and appointed Ambit Corporate Finance Pvt Ltd as the lead manager to the buyback offer. It would be subject to approval of the shareholders.
"As required under the buyback regulations, the company has fixed Tuesday, August 4, 2015 as the record date for the purpose of determining the entitlement and the names of the shareholders, who will be eligible to participate in the buyback," Bayer CropScience said in a BSE filing.
The shares would be bought back from all the shareholders on a proportionate basis through the "Tender Offer" route at a price of Rs 4,000 per share, aggregating to about Rs 506 crore, it added.
Shares of the company today closed at Rs 3894.35 apiece on BSE.
