Aarti Drugs shares zoom 5% on Rs 60 crore buyback announcement, ET HealthWorld

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Aarti Drugs shares zoom 5% on Rs 60 crore buyback announcement, ET HealthWorld

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New Delhi: Shares of Aarti Drugs jumped 5 per cent to their fresh all-time high of Rs 634.90 on BSE on Tuesday after the company announced a Rs 60-crore share buyback post market hours on Monday.

“We wish to inform you that the Board of Directors at its meeting held today has approved the buyback of up to 6,65,000 (Six Lakhs Sixty Five Thousand) fully paid-up equity shares of face value of Rs.10/- (Rupees Ten only) each of the company (“Equity Shares”) representing up to 0.72 per cent of the total paid up equity shares of the company at a price of Rs. 900/- (Rupees Nine hundred only) per equity share (“Buyback Price”) payable in cash for an aggregate amount of up to Rs. 59,85,00,000/- (Rupees Fifty Nine Crores Eighty Five Lakhs Only) (“Buyback Size”),”said the company in a filing to the exchanges.

The company has proposed a buyback of 6.65 lakh shares, 0.72 per cent of the existing paid-up capital and the actual securities bought back will be informed by the company post the buyback.

As of August 23, on a pre-buyback basis, 55.7 per cent of the shares of the company are held by the promoter and the promoter group, while the remaining 44.3 per cent are with public shareholders like non-institutional investors, mutual funds, alternate investment funds, etc.

The company has said that further details setting out the process, timelines, and other requisites will be informed later in due course of time.

Inga Ventures Private Limited has been appointed as the Manager for the proposed buyback.

Before this, the company has carried out buybacks five times since 2016, according to Trendlyne data.

The stock has surged 14 per cent in the past year, while it has gained 24 per cent in the current calendar year so far.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)

• Published On Aug 27, 2024 at 02:08 PM IST

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