Raw cotton manufacturers and exporters Axita Cotton has announced buyback of equity shares, a company release said. The buyback shares are available at Rs 56 per share.

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"The board carefully evaluated the feasibility of the buyback in accordance with the provisions outlined in the Companies Act, 2013, and the Securities and Exchange Board of India (SEBI) (Buyback of Securities) Regulations, 2018, while maintaining full compliance with all relevant regulations throughout this process," the press note read further.

Axita Cotton has shown a compounded profit growth of 265 percent for the past 3 years. They’ve also been maintaining ROE of 38 percent over the past 3 years.

Axita Cotton now commands a total market capitalization of Rs 550 crore. Notably, the stock had settled at approximately 50 percent over the past year. Axita Cotton Ltd. has declared a dividend in September 19, 2022. They had given bonus issue of share twice in last four years.

First Published:May 29, 2023 6:17 PM IST