MK Dhanuka, MD, Dhanuka Agritech in an interview to CNBC-TV18, confirmed company’s plan to buyback shares worth Rs 80 crore at Rs 850 per share. Resolution for shareholder approval through ballot has been sent out and result will be out on January 2.
On January 3, the Board will meet again to take final decisions, he said.
He said it will be a tender buyback with promoter participation. The company plans to fund the buyback from its current investments
Talking about business outlook, he said the third quarter is likely to see a flat growth due to demonetisation impact on farmers, who largely deal in cash. Also, farmers did not get the real value for their produce of potatoes, tomatoes etc, he added.
Moreover, pest infestation too was low this year, he said.
However, in spite of all that the year-end margins would be 50 basis points higher than last year, said Dhanuka.For more, watch video
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