Dhampur Sugar Mills Announces Rs 20 Crore Share Buyback

Dhampur Sugar Mills has announced a significant buyback of shares, opting to purchase over 10.81 lakh equity shares at a price of Rs 185 each via a tender offer. This move, valued at nearly Rs 20 crore, was formalized through the company's regulatory filing.

The board of directors sanctioned this buyback initiative on May 16, with the record date scheduled for May 23. This strategic decision is expected to effectively utilize surplus funds, reward shareholders proportionately, and enhance the overall return on equity by reducing the equity base.

Despite this announcement, shares of Dhampur Sugar Mills have shown a slight decline in trading, registering a 0.21 per cent drop to Rs 145.35 on the BSE.

(With inputs from agencies.)