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Bayer CropScience Buy Back of Shares

October 5, 2007

Reports indicate the move could be seen as a precursor to the possible delisting of the company from the Indian stock exchanges.

The promoters currently hold 70% in Bayer CropScience. For reverse book building required for delisting, the existing promoters’ stake would have to be raised to over 90%. This will require announcing a buyback of shares.

At the current price of Rs 314.15, the scrip trades at a PE multiple of 11.99, based on Q1 June 2007 annualised EPS of Rs 26.20.

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