Bayer CropScience’s share has jumped by 9.4% to Rs 1749 since it announced a week ago, that it is planning a share buyback. Today, its board said it has approved the proposal. But minority shareholders are likely to get a jolt, as the buyback will be through the tender route instead of a buyback routed through the stock market. And, what could be more upsetting is that the price has been fixed at Rs 1,580, a discount of 9.7% to the current price.
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Bayer CropScience to use cash from land to buy back shares
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Bayer CropScience has decided to return surplus cash to shareholders through a buyback offer. The company, which makes crop chemicals, had sold its land at Thane (near Mumbai city) for a sum of Rs 1,250 crore. It had got Rs 520 crore as initial payment and had the final amount of Rs 730 crore was received in November 2012. During 2012-13, it reported a profit of Rs 1108 crore from the sale of its Thane land and Rs 82 crore from the sale of its Powai building.
Filed under: Companies, Top News, Bayer CropScience, Buyback
FDC to consider buyback of shares
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Pharmaceutical company FDC’s board is considering a buyback of its shares. This will be its second attempt in recent times, after its previous one failed to get any shares. In December 2010, the company had announced the completion of the buyback of its shares, announced in Jan 2010. FDC is a mid-sized, Rs 660 crore company with products in niche segments such as ophthalmology and is famous for the Electral brand of oral rehydration salts.
Filed under: Companies, Quick News, Buyback, FDC, Markets Stock Markets
Satyam Computer proposes buyback, will have limited impact
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Satyam Computers has entered into damage control mode, proposing a buyback to return cash to shareholders. The IT services major recently proposed a buyout of two group firms –Maytas Properties and Maytas Infra- in the construction and infrastructure business. The move angered shareholders who went on a selling spree, from which its shares are yet to recover.