The board of the multi-bagger company KDDL Ltd has approved the buyback of the equity shares of the company. KDDL ltd is a company engaged in the business of manufacturing watch components like hands, dials, and precision engineering goods under the brand name, Eigen.
This a multi-bagger stock that has given a return of 365% since the start of January 2021 to its current levels. As of Friday, the stock is trading at the level of Rs.1035 (IST:11.35).
During the board meeting held on 18th January 2023, the board of the company approved the proposal for the buyback of its fully paid-up equity shares with a face value of Rs. 10 each. The offer for the buyback will occur at a price not exceeding Rs. 1200 per share. This amount will aggregate to Rs. 21 crores with 1.75 lakh shares up for the offer of the buyback.
The shareholding pattern of the company shows that the promoters currently hold a 49.08% stake, the public holds 28.36% stake, the FII’s hold 20.11% stake and 2.4% is held by other investing bodies
While the financials of Q3FY23 are yet to be reported, the company earned a consolidated total revenue of Rs.264.8 crores in Q2FY23 which is an increase of 34.7% compared to the Q2 of FY22. But the company has reported a net loss of Rs. 1.4 crores in Q2FY23
Written by Aaron Vas
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