Raw cotton manufacturers and exporters Axita Cotton’s share price is up 5.4 percent since it announced a buyback of equity shares on May 23rd, 2023. On 2nd June, the stock closed at Rs 29.98, compared to Rs 28.44 at the close of trading on May 23rd. The company’s buyback price is pegged at Rs 56 a share.
"The board carefully evaluated the feasibility of the buyback in accordance with the provisions outlined in the Companies Act, 2013, and the Securities and Exchange Board of India (SEBI) (Buyback of Securities) Regulations, 2018, while maintaining full compliance with all relevant regulations throughout this process," a company press note said.
For the last three fiscal years ended FY23, Axita Cotton has shown compounded profit growth of 265% and have maintained a healthy ROE of 38%.
Axita Cotton commands a total market capitalization of close to Rs 590 crore at the close of trading on 2nd June. The company declared a dividend in Sept. 19, 2022. They had given Bonus issue of share twice in last 4 Years.
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