Shares of Dhanuka Agritech climbed 8 per cent in Friday’s trade after the company said its board will consider a share buyback proposal next week.
The agro-chemical company had earlier this week told stock exchanges that it would announce its September quarter results on November 1.
In a filing to BSE, Dhanuka Agritech said: “This communication is in continuation to our earlier letter dated 26 October, 2022, informing that a meeting of the board of directors of the company is scheduled to be held on Tuesday, November 1, inter-alia, to consider and approve un-audited standalone and consolidated financial results of the company for the quarter and half year ended 30 September, 2022.”
At the said meeting, Dhanuka Agritech said, the board of directors will also consider the proposal for the buyback of fully paid-up equity shares of the company through a tender offer route.
This would be up to such amount of the aggregate of company’s paid-up equity share capital and free reserves as the board may decide in accordance with Section 68, 69 and 70 of the Companies Act, 2013 and the SEBI(Buyback of Securities) Regulations, 2018.
Following the development, the scrip rose 8.06 per cent to hit a high of Rs 740.10 on BSE. The scrip is still down 7.4 per cent year-to-date.
“This is to further inform you that company’s trading window for designated persons was already closed from 1st October, 2022 and which will be closed till 48 hours after the declaration of unaudited financial results for the quarter and half year ended September,” Dhanuka Agritech said.