Kaveri Seed board okays buyback offer of over Rs 200 cr

Kaveri Seed Company Ltd (KSCL) today said its board has approved buyback of 29.63 lakh equity shares for over Rs 200 crore.

In a regulatory filing, the Secunderabad-based company said it will buyback shares at a price of Rs 675 per piece from the existing shareholders on a proportionate basis through a tender offer route.

The buyback of 29.63 lakh shares translates into 4.48 per cent of the total paid up equity share capital of the company as on March 31, 2018, it added.

KSCL's standalone net loss narrowed to Rs 18.38 crore during the fourth quarter of the 2017-18 fiscal from Rs 87.19 crore in the year-ago period.

Net sales remained flat at Rs 41.60 crore as against Rs 40.23 crore in the said period.

The company's scrip rose 7.47 per cent to Rs 507.35 apiece on the BSE today.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)