Vinati Organics to buyback 9 lakh shares at sub-Rs 500/sh

Vinati Organics on Monday submitted a trading plan with the Securities and Exchange Board of India (SEBI) to buyback 9 lakh shares at a price sub Rs 500 per share. Speaking to CNBC-TV18, Vinati Saraf Mutreja, Executive Director of the company said that this had been done to increase promoters stake to 75 percent from the current 72 percent. FCCB conversion had led to dilution in stake, she added. Talking about the company’s performance, Mutrja said that falling crude prices have impacted revenues, but margins have been retained at similar levels. Most of the inputs for the company are crude enabled, she said. Going forward, she doesn’t expect further dip in revenues and is hopeful of maintaining margins. Watch video for more.