Share Buyback News: After the market closed, the big news came regarding share buyback. Insecticides India Ltd (NSE: INSECTICID) has informed in the exchange filing that its board directors of the company have approved the purchase of 50 crore shares.
The company’s board has approved the purchase at 1,000 rupees per share. The board has approved the purchase through the tender process. The stock of the company jumped 17 %.
In The Filing To Exchange, The Company Noted
“We wish to inform you that the Board of Directors at its meeting held on August 30, 2024, has, among other things, approved the proposal to buy back its fully paid-up equity shares of Rs 10 each from the equity shareholders of the company as on the record date.”
Giving Further Information To The Exchange, The Company Said
The offer size of this buyback is 50 crores.
Based on a ratio, through a “tender route” prescribed under the Securities and Exchange Board of India Regulations, 2018 (“SEBI Repurchase Regulations”) and the Companies Act, 2013.
It is also prescribed under the rules enacted under it (“Act”) which includes the statutory amendments or revisions.
What Will Be The Record Date?
The board of the company has fixed Wednesday, September 11, 2024, as the record date to determine the names and eligibility of eligible equity shareholders to participate in the proposed buyback offer.
Quick Fact
| Company name | Insecticides India |
|---|---|
| Buyback shares | 50 crore shares |
| Buyback price | ₹1,000 per share |
| Buyback process | Tender process |
| Record date | September 11, 2024 |
| Equity share value | ₹10 each |
| Announcement date | August 30, 2024 |
| SEBI regulation year | 2018 |
| Relevant law | Companies Act, 2013 |
| Offer size | ₹50 crore |
| Eligible shareholders | Determined by record date |
Disclaimer: The website and its content are for informational purposes only and should not be considered investment advice.
