Greaves Cotton announces Rs. 227.5 crore buyback
Greaves Cotton’s Buyback Committee has resolved in the meeting held on May 23, the number of equity shares to be bought back shall be up to 1.3 crore equity shares representing 5.32 per cent of the total number of equity shares in the paid-up share capital of the company.
The aggregate consideration decided is Rs. 227.50 crore which is 24.69 per cent and 24.84 per cent of the aggregate of the fully paid-up equity share capital and free reserves as per the latest audited standalone and consolidated financial statements, respectively for the year ending on March 31, 2019.
For the quarter ending March 2019, the company’s revenue grew by 9 per cent to Rs. 528 crore, whereas the net profit declined by 35 per cent yoy to Rs. 37 crore. Looking at the FY19 numbers, the company reported 11 per cent growth in revenue at Rs. 1,988 crore. Net profit during the year dipped by 17 per cent to Rs. 169 crore.
Greaves Cotton Limited is a diversified engineering company and a leading manufacturer of Cleantech Powertrain Solutions (CNG, Petrol and Diesel Engines), Generator sets, Farm equipment, E-Mobility, Aftermarket spares and services.
On Thursday, the stock of Greaves Cotton closed at Rs. 141.75 per share. On Friday, the stock opened 2.2 per cent higher at Rs. 144.80.