Stock in focus: KPR Mill

KPR Mill, which had earlier proposed a buy-back has finally got approval from its board. The company has informed bourses that its board has approved the buy back of its fully paid-up equity shares of Rs 5 each not exceeding 14,7O,OOO equity shares which represents 1.95 per cent of the total number of equity shares in the paid-up share capital of the company at a price of Rs 660 per equity share (the "Buy Back Offer Price")  will be paid in cash for an aggregate consideration not exceeding 97,02,00,000.

The scrip of KPR Mill by default is expected to spice up. The shares of the company in the last three months have rallied over nine per cent. The board has further resolved that buy-back will be made out of the company's internal accruals as may be permitted by law through the tender offer route and as required by the Buyback Regulations and the Companies Act.