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Balrampur Chini Mills board approves Rs 180 cr share buyback

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The company said it intends to buy up to 1,00,00,000 (One Crore) fully paid-up equity shares representing 4.55% of the issued, subscribed and paid-up equity shares of the company. The company has set record date for the buyback as 3 July 2020.

The buyback offer size is Rs 180 crore which represents 7.87% and 7.79% of the aggregate of the company's paid-up capital and free reserve. The company has set a floor price of Rs 180 per share for the buyback.

The company, in a regulatory filing, informed that the buyback offer will open on July 20 and end on July 31. Shares of Balrampur Chini Mills were trading 1.98% lower at Rs 126 on BSE.

Balrampur Chini Mills reported a 16.2% decline in consolidated net profit to Rs 241.44 crore on 31% rise in net sales to Rs 1740 crore in Q4 March 2020 over Q4 March 2019. Balrampur Chini Mills is an integrated sugar manufacturing company. The firm is engaged in the manufacturing of sugar, ethanol and power. The company's segments include sugar, distillery, co-generation and others.

Source: Capitalmarket.com

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