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HomeSHARE MARKET2.37 Lakh Shares Buyback; Board Approves New Proposal; Multibagger Stock

2.37 Lakh Shares Buyback; Board Approves New Proposal; Multibagger Stock

Luxury watch manufacturer KDDL (NSE: KDDL) has informed that the company’s board has approved the share buyback in a meeting held on Tuesday. 

This company made this disclosure available to the market.

According to the company, this buyback will be done through the tender route in which the company is going to buy more than 2 lakh shares. 

The company has fixed the buyback price 12 percent above Tuesday’s closing level. The stock closed with a slight decline on Tuesday.

What Information Has The Company Given?

In the information sent to the stock market, the company said that in the board meeting held on July 9, the buyback of shares with a face value of Rs 10 has been approved through the tender offer route.

According to the company, 2,37,837 shares will be bought back. This buyback will be done for Rs 3700 per share. In Tuesday’s trading, the stock closed at the level of 3295. 

The company said that a maximum of Rs 88 crore will be spent on this buyback. As per the firm, the exact date for the buyback is expected to be announced soon.

Presently the promoter and promoter group have 50.21 percent of the company. The public shares are 49.79 percent.

The company said that at present the total number of shares is 1,25,37,117. After the buyback, this number will come down to 1,22,99,280.

How Was The Performance Of The Stock

The stock has been a multibagger stock. The return on the stock in 3 years has been 910 percent.

That’s right, the amount of money investors invest has risen more than 10 times. While at the same time, the stock delivered a profit of 124 percent return in just one year.

This stock has risen by 25 percent over three months. In one month, the stock has seen a growth of 29 percent.

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