Kaveri Seed Company Ltd. approved a maximum share purchase of 125.6 crore rupees at a maximum buyback price of 700 rupees per share.
The proposal was taken into consideration and approved by the board for the buyback of the company’s fully paid equity shares with a face value of Rs. 2 each for a total of not more than Rs. 125.6 crore for the Buyback at a price not more than Rs. 700/- payable in cash from its shareholders/ beneficial owners on the open market.
An action taken by a corporation to repurchase its own outstanding shares from its current shareholders, also known as a share buyback or share repurchase, typically at a premium to the current market price. Returning money to shareholders in this manner may be an alternative tax-efficient method. By reducing the number of shares in circulation, share buybacks can raise share prices and earnings per share (EPS).