Shares of Bayer CropScience Ltd. pared early gains to fall as much as 3 percent intraday after its board announced a buyback offer.
The agri-chemical firm will buy back up to 10 lakh shares at Rs 4,900 each via the tender offer route, according to its filing on the stock exchanges. The total buyback will be for about Rs 500 crore.
The founder group is also expected to participate in the buyback.
Trading volumes stood at 1.8 times the 20-day average at around 3 pm on Tuesday. The stock rose 3.7 percent in the past month, compared with the 4.5 percent advance in the S&P BSE Sensex Index.
Bayer CropScience trades at 57.3 times trailing 12-month earnings per share. The stock is 9.2 percent above the Bloomberg consensus one-year target price. It rose 13 percent so far this year and a gain of 22 percent in the past 52-weeks.
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