Dhanuka Agritech finishes its R80-crore share buyback

Dhanuka Agritech said in a regulatory filing on Tuesday that it has bought back 9.41 lakh shares for R80 crore. The bought back shares constituted 1.88% of the pre-buyback paid-up capital of the company. The buyback was made from all the existing shareholders of the company on a proportionate basis under the tender offer route. The buyback was subscribed by 3.59 times with investors returning 33.77 lakh shares in response to the offer. Emkay Global was the manager to the buyback. Post buyback, the promoters’ holding in the company has increased from 74.99% to 75.09%.


In CY2016, Indian firms spent more than R26,853 crore on buybacks, the highest since 2011. Last month, the board of Tata Consultancy Services (TCS) approved the proposal to buyback 5.61 crore shares worth R16,000 crore. On March 15, Mphasis announced a buyback of shares worth R1,103 crore. And last week, the board of HCL approved the proposal to buyback for an amount of R3,500 crore, for 3.5 crore shares