United Phosphorus on Monday announced a buyback of 1.92 crore equity shares for up to R288 crore from the open market. The company would buy the shares at a price not exceeding R150 per share, which is over 25% higher than the current market price of R119.65 per share. In a filing to the BSE, the company said, "The board of directors...have unanimously approved the buy-back of equity shares up to 1,92,00,000 fully paid up equity shares of R2 each." The price of the share should not exceed R150 per equity share and should be payable in cash up to an aggregate amount not exceeding R288 crore from the open market through stock exchanges, the filing added. The leading chemical manufacturer had reported a marginal decline in its net profit at R555.55 crore in the last fiscal from R557.64 crore in the 2010-11 fiscal.
Sebi concerned over slow mutual fund penetration
Taking a serious view of the volatile investor sentiments, the stock market regulator Securities and Exchange Board of India (Sebi) on Monday said that it was worried about the slow penetration of mutual funds (MFs) in the country. The regulator said that it was setting up new regional offices, which will not only clear proposals but also will be delegated powers with respect to mutual funds. After inaugurating the new premises of the southern regional office of Sebi in Chennai, UK Sinha, chairman, said Sebi would open 10 new regional offices, which can clear proposals of IPO up to R500 crore. These offices will be delegated power with respect to mutual funds, inspection and others. On the issue of entry load, Sinha said, "no one has brought the matter to us."
Dhampur Sugar to consider dividend on May 15
Dhampur Sugar Mills has informed BSE that a meeting of the board of directors of the company will be held on May 15 to consider declare dividend on equity share capital and preference share capital. The board will also consider and approve annual audited stand alone financial results and consolidated financial Statements of the company for the year ended March 31, 2012.