The total buyback consideration will not exceed ₹88 crore.KDDL intends to repurchase up to 1.9% of the company's total equity from shareholders.
Promoters of the company will also participate in the buyback.The buyback will be carried out via the tender offer route.
A tender offer route means that the company will repurchase the shares at the pre-determined fixed price.
You can read more on the difference between the tender offer and open market buybacks here.
KDDL has regularly paid dividends to shareholders but is carrying out its first such share buyback.
NSE
The board of KDDL Ltd. approved a buyback of its equity shares on Tuesday, the first such corporate action undertaken by the company in history.KDDL intends to buyback up to 2.37 lakh equity shares of the company which have a face value of ₹10, subject to shareholder approval.The buyback price has been fixed as ₹3,700 per share, which is a premium of 12% from KDDL's closing price on Tuesday. The total buyback consideration will not exceed ₹88 crore.KDDL intends to repurchase up to 1.9% of the company's total equity from shareholders. Promoters of the company will also participate in the buyback.The buyback will be carried out via the tender offer route. A tender offer route means that the company will repurchase the shares at the pre-determined fixed price. You can read more on the difference between the tender offer and open market buybacks here. KDDL has regularly paid dividends to shareholders but is carrying out its first such share buyback. The company had earlier carried out a rights issue in 2021.KDDL is a designer and marketer of watches and accessories. It offers machine dials, watch hands and other products.Shares of KDDL ended little changed at ₹3,301. The stock has risen 18% so far in 2024. Over the last 12 months, the stock has doubled in value, rising 124%.
