Kanoria Chemicals & Industries Ltd board on Wednesday proposed a 10 per cent share buyback plan.
The buyback of shares of Rs 5 each will be done at a price “not exceeding Rs 42 a share. The exercise would be carried out through open market operations. The total amount marked for the exercise is Rs 50.40 crore.
The promoters currenly hold 57.05 per cent stake in the company. Among the minority shareholders, IFC has 10.84 per cent, Morgan Stanley Maritius Co has 2.39 per cent, IFCI 2.13 per cent and United India Assurance 1.34 per cent.
On the BSE, the company's shares were trading at Rs 34.85, down 3.60 per cent or Rs 1.30 at 2.45 p.m.