Clariant Chemicals Fixes Buyback Price at Rs 950, Shares Gain

 Sharemasterindia.com: Clariant Chemicals shares rose over 3 per cent to an intraday high of Rs 849 on Tuesday after the company said it will buy back shares at Rs 950 apiece, which is 15 per cent higher than Monday's closing price.
 
In a release to exchanges on Monday, the specialty chemicals maker sought shareholders nod to buy back 35.79 lakh shares, representing 13.42 per cent of total paid up capital of Clariant Chemicals at Rs 950 per share. The buyback will be held through tender offer and both shareholders as well as promoters will be given an option to sell Clariant shares.

Clariant Chemicals, in a statement to BSE, said, "Subsequent to the sale of the company's Kolshet land, the board at its meeting held on April 22, 2015 considered various alternatives for rewarding the equity shareholders. After considering several factors and benefits to the equity shareholders, the board of directors decided to recommend buyback."

As of 10.38 a.m., Clariant Chemicals traded 1.58 per cent higher at Rs 834.10 apiece, outperforming the Nifty, which was down 0.23 per cent.