Kaveri Seeds Buyback: Kaveri Seeds has announced s share buyback programme. The agricultural products company in an exchange filing informed that the board of directors has approved Rs 125.65 crore share buyback via the open market route.

Kaveri Seeds Buyback Price

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The company has also announced the buyback price. As per the filing, the company has fixed the buyback price would not exceed Rs 700 per share.

"The Board approves the buyback by the Company of its fully paid-up equity shares having face value of Rs 2 each at a price not exceeding Rs 700 per share for an aggregate amount up to Rs 125,65,00,000," the smallcap company said in an exchange filing.

At 3 PM, the stock quoted Rs 482 apiece on NSE, down marginally by 0.27 per cent. The buyback amount is around 45 per cent higher from the current market price.

The aggregate maximum amount of buyback does not exceed l0 per cent of the aggregate of the paid-up capital and free reserves as per the last audited financial statements (both
standalone and consolidated) of the Company as on March 31, 2022.

The number of shares proposed to be purchased under the buyback programme does not exceed 25 per cent of the total shares in the paid-up equity capital of the company, according to the filing.

Kaveri Seeds is a hybrid seed manufacturing company that sells its product under the brand name of Kaveri. It is one of the leading agriculture companies in the country. 

The company had previously announced a buyback of its equity shares in August 2021 from the open market. 

Kaveri Seeds has yielded a negative return of 15 per cent to its investors in 2022 so far. The stock's 52-week range is Rs 629.30 - Rs 415.