Bayer CropScience to buyback 12.65 lakh shares for Rs 506 crore

Bayer CropScience on Wednesday announced a buyback proposal to purchase 12.65 lakh shares at a price of Rs 4,000 per share aggregating to Rs 506 crore.

The company has appointed Ambit Corporate Finance as the lead manager to the buyback offer.

"It would be subject to approval of the shareholders. ...the Board of Directors of the company at its meeting held on June 03, 2015, unanimously approved a buyback proposal for purchase by the company of upto 12,65,000 equity shares of Rs 10 each (representing 3.45 per cent of the total equity capital)", Bayer CropScience said in a regulatory filing.

"The shares would be bought back from all the shareholders on a proportionate basis through the Tender Offer route at a price of Rs 4,000 per share, aggregating to about Rs 506 crore", the filing added.

The Board noted the intention of the Promoter Group of the company to participate in the proposed Buyback, it added. Shares of the company today closed at Rs 3,709.25 apiece on Bombay Stock Exchange (BSE).