The sugar mill company has reacted to the buyback plan surging 2% in trade today. The company on Wednesday made the buyback offer through the tender route public.
The leading company in the sugar mill space aims to buyback some 66 lakh equity shares at the price of Rs. 150 per scrip which totals to 2.81% of the equity of the company. The buyback shall be tendered in a proportionate basis.
Record date of the offer has been fixed at March 6, 2018, which means shareholders who hold the scrip as on this date will only be able to tender their shares in the offer.
The Rs. 99 crore transaction excludes any transaction transaction.
The stock of the company quotes at Rs.115.75 on the BSE. And given the current price, investors shall be able to make in a sure shot profit of almost Rs. 35 per share.
Also, there has been a call from the SEBI to compensate retail investors in case of non-allotment in IPO on genuine cases.