Kaveri Seeds shares surge by 4 percent after company announces buyback of equity shares

On Wednesday, the shares of Kaveri Seeds surged by 4 percent this comes after the company on Tuesday approved buyback of equity shares of up to 28 lakh shares, representing 4.44% of equity shares aggregating to Rs 196 crore on proportionate basis through tender offer route. The buyback price is set at Rs 700 per share.

According to Live Mint, at 10 am, the stock was trading at Rs 568.80 up by 3.91 percent on BSE. On the other hand on NSE, the stock was trading at 3.73 percent. "We hereby inform that the Board of Directors of the Company, at its meeting held today i.e., September 24, 2019 have considered and approved the proposal for buyback of fully paid up Equity Shares of face value of Rs 2/- (Rupee Two only) each ("Equity Shares"), not exceeding 28,00,000 Equity Shares (representing 4.44% of the total number of equity shares in the paid-up equity share capital of the Company) for an aggregate amount not exceeding Rs 196.00.00,00 only," the company said in a regulatory filing on Tuesday.

During the pre-opening session, the stock went up 4.13% at Rs 570 on BSE. Shares of Kaveri Seed had touched its 52-week high of Rs 624.85 on 28 September 2018. However, on its 52-week low was at Rs 376 touched on 20 February 2019.

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