KRBL may announce share buyback in Q1 of FY20

KRBL Chairman and MD Anil Mittal said the company may come back with a share buyback plan in the first quarter of the fiscal year 2019-20. “We are going to make buyback because I personally as a CMD is interested in but the board members are still a bit hesitant and maybe in the first quarter we might come with a buyback,” said Mittal.

When asked about debt repayment, he said, “In basmati industry the procurement for full period is done in third quarter, from October to December. During this period we have to procure total raw material required for full year and as on December 31st our total debt was around Rs 1,580 crore on working capital; this is hardly any loan on fixed assets.”