Dwarikesh Sugar Announces Share Buyback at ₹105, Record Date on March 20

Dwarikesh Sugar Industries Ltd has disclosed a buyback of shares worth up to ₹31.50 crore. The buyback price is set at ₹105 per equity share. The decision was made during the board meeting held on March 8, 2024, with March 20, 2024, being the record date for the buyback. The company plans to buy back 30 lakh fully paid-up equity shares through a tender offer mechanism, representing 1.59% of the total paid-up Equity Share Capital.

Here are the key details of Dwarikesh Sugar’s share buyback:

1. Buyback Price: The board has fixed the buyback price at ₹105 per equity share.
2. Record Date: March 20, 2024, is set as the record date for shareholders eligible to participate in the buyback.
3. Buyback Mechanism: The company will conduct the share buyback through a ‘tender offer’ mechanism.
4. Buyback Size: Dwarikesh Sugar plans to buy back up to 30 lakh company shares, totaling ₹31.50 crore.
5. Buyback Premium: The buyback offer price represents a premium of nearly 30 percent over Dwarikesh Sugar’s closing share price of ₹81.40 on NSE.

Shareholders holding shares as of the record date will have the opportunity to participate in the buyback by tendering a portion of their shares at the buyback offer price.