Bayer CropScience approves Rs 500 crore buyback proposal

NEW DELHI: Bayer CropScience on Tuesday said that its board of directors has approved a proposal to buyback 10,20,408 equity shares of Rs 10 each from all the shareholders of the company on a proportionate basis.

At Monday’s close of Rs 4,859.05, the issue amounts to nearly Rs 500 crore. Promoters of the company, who held 68.58 per cent stake in the agro chemical company as of March 31, intend to participate in the buyback offer, the company told stock exchanges.

The company said that the offer will be made through the tender offer route using the stock exchange mechanism and that the buyback size does not include any expenses incurred or to be incurred for the buyback like filling fees, advisory fees, public announcement expenses, printing and dispatch expenses, and other incidental and related expenses.

“The buyback would be subject to approval of the shareholders by way of a 'special resolution' through postal ballot and all other applicable statutory approvals,” the company said.

Ambit Capital has been appointed as the manager to the buyback offer.

The stock closed at Rs 4,740, down 2.45 per cent on BSE.