Hanung Toys board decides against share buyback

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Hanung Toys board decides against share buyback

Reuters / Mumbai 13 Dec 10 | 10:49 AM

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Hanung Toys & Textiles Ltd said on Monday its board has decided against buying back its shares as it would be in conflict with the firm's expansion plans.

The firm also said it was looking at expanding its capacities to meet growing demand and was also looking at opportunities for "inorganic growth."

The process of buyback would take 6-7 months, after which the firm will not be able to raise fresh capital, it said in a statement to the Bombay Stock Exchange.

"Effectively, the company would not be able to raise fresh capital for at least one year from now," it said.