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KPR Mills shares tank over 6 pc on withdrawal of buyback proposal

Press Trust of India  |  New Delhi 

Shares of KPR Mill Friday tumbled over 6 per cent in early trade, a day after the company withdrew the buyback proposal of more than 37.50 lakh equity shares.

On the BSE, the scrip opened on a negative note and declined 6.24 per cent to Rs 570.05.

On the NSE, the shares fell 6.20 per cent to Rs 571.30.

"We have filed with Sebi our communication conveying that the increase in the amount of buyback obligation due to the tax proposal in the Finance Bill 2019 was neither contemplated nor prevailing at the time of the consideration and the approvals of the board and shareholders," the company said in a regulatory filing Thursday.

The company was unable to file the 'letter of offer' and go forward with the proposal which had been intimidated to Sebi, it added.

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

First Published: Fri, July 12 2019. 12:35 IST