Dwarikesh Sugar Industries Announces 1.59% Equity Buyback

On March 8, 2024, The board of directors of Dwarikesh Sugar Industries Ltd held a meeting and approved a buyback of shares not aggregating more than ₹31.50 crore. Dwarikesh Sugar Industries’ buyback price has been fixed at ₹105 per equity share. The board of Dwarikesh Sugar Industries Ltd evaluated and approved the buyback of up to 30 lakh company shares through the tender route.

Post the approval of the board of directors on March 8, 2024, Dwarikesh Sugar Industries Ltd informed Indian stock market bourses about the buyback of shares. They informed that the board approved a buyback offer of 30,00,000 fully paid-up equity shares of face value ₹1 each.

This buyback represents 1.59% of the total paid-up equity share capital of the company at a price of ₹105 per equity share. The aggregate consideration of this proposed buyback is up to ₹31.50 crores, representing 4.49% of the aggregate of the fully paid-up equity share capital and free reserves according to the latest audited financial statements of the company as of March 31, 2023.

The company stated that the buyback will be conducted proportionately through a ‘tender offer’ mechanism. The record date is set as March 20, 2024, and shareholders holding shares as of the record date are eligible to participate. Shareholders will have the option to tender a portion of their shares at the buyback offer price. On March 7, 2024, Dwarikesh Sugar’s share price ended at ₹81.05 per share on NSE.

Dwarikesh Sugar Buyback Details

About Dwarikesh Sugar Limited

Dwarikesh Sugar Industries Limited is a diversified industrial group that is involved in the manufacture of the finest grains of sugar and its related products. The company has a strong presence in sugar manufacturing, power and industrial alcohol production. On March 11, 2024, Monday, the share price of Dwarikesh Sugar Limited opened at ₹86.50 per share on NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.