Bayer CropScience launches buy-back offer of up to Rs 455 cr

Written by Press Trust of India | New Delhi | Updated: Sep 21 2013, 00:37am hrs
Agro-chem firm Bayer CropScience Ltd today launched the buy-back offer for about 28.8 lakh shares of the company for about Rs 455 crore.

The company's board had approved the proposal to buyback shares in July.

Besides, shareholders' approval has been taken through postal ballots, the results of which were announced on earlier this week.

They cleared the buyback of 28,79,746 equity shares of face value of Rs 10 each from all the existing shareholders and beneficial owners, on a proportionate basis, at Rs 1,580 per share for an aggregate amount of Rs 454.99 crore, Bayer CropScience said in a filing on the BSE.

The price offered through buyback is higher than the today's closing price of Rs 1,524.50 apiece on the BSE. The company's market cap stood at over Rs 6,000 crore.

The maximum number of equity shares proposed to be bought back represents 7.29 per cent of the total number of shares in the paid-up share capital of the company.

Promoters currently hold 71.11 per cent stake in the company.

Germany-based Bayer CropScience operates in three business segments: crop protection, bioscience and environmental science in India.

It offers wide range of products and extensive service backup for modern, sustainable agriculture as well as for non-agricultural applications.