Gwalior Chemicals sold its chemical business to lanxess for 500 crs and planning to give 100 cr back to the share holders. First 50 crs was to be given through buyback but the offer price of Rs 120 failed to entice the market and the its market price fell by 10% from Rs 95.
Links to study:
updates on buyback timeline
failed buyback offer
Sale of chemicla plant
The market price is 71, 41% discount from the buyback price
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