Dhanuka Agritech stocks surge 9% after board approves share buyback

The board has fixed September 28, 2020, as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback.

Shares of Dhanuka Agritech jumped surged over 9 percent in morning trade on BSE on September 17 after the company's board approved the buyback of equity shares.

The company approved the proposal of buyback of shares worth up to Rs 100 crore and fixed September 28 as the record for determining the entitlement of equity shareholders.

"The board approved buyback of not exceeding 10 lakh equity shares at a final buyback price of Rs 1,000 per equity share payable in cash for an aggregate amount not exceeding Rs 100 crore," the company said in a regulatory filing.

The board has fixed September 28, 2020, as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback.

The company's rising net cash flow and cash from operating activity and increasing profits every quarter for the past 2 quarters are the key positives for the stock.

The scrip traded 6.68 percent higher at Rs 819.60 at 10:50 hours IST.

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