The share price of dairy-product manufactuer Kwality was locked at 5 percent lower circuit on Wednesday after the board decided to defer on the buyback of securities and payment of interim dividend.
The company informed exchanges that the proposed issues relating to buyback of securities and/or bonus issue of securities and payment of interim dividend were considered by the board on Tuesday on merits.
It said intense deliberations on the issues were initiated with stakeholders both internal and external including investors and lenders. "The matter was intensely debated in context of current situation and future vision, the board finally concluded to defer the decision on the issues, for the time being."
There were pending sell orders of 162,454 shares, with no buyers available.
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