Bayer Cropscience, the Indian subsidiary of Bayer Germany, said the Board of Directors on Wednesday approved a buyback proposal to purchase upto 12,65,000 equity shares of Rs. 10 each representing 3.45% of the capital from all the shareholders on a proportionate basis. The buyback will be carried at a price of Rs. 4000 a share, aggregating to approximately Rs. 5.06 billion.

The company go through the "Tender Offer" route as prescribed under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 1998 (the "Buyback Regulations"). It will be in accordance with the provisions of the Companies Act, 2013 and the Buyback Regulations.

The board noted the intention of the promoter group of the company to participate in the proposed buyback. The buyback would be subject to approval of the shareholders by way of a Special Resolution through Postal Ballot and all other applicable statutory approvals.

The board has formed the buyback committee and has delegated its powers to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary expedient, usual or proper in connection with the buyback. Ambit Corporate Finance has been appointed as the manager to the buyback offer.

Shares of the company gained Rs 80.75, or 2.18%, to trade at Rs 3,790. The total volume of shares traded was 14,287 at the BSE (2.29 p.m., Thursday).