Ajanta Pharma board nod to Rs 286-crore share buyback plan
New Delhi: Drug firm Ajanta Pharma on Tuesday said its board has approved a share buyback plan of up to Rs 286-crore, wherein the drug maker will buy back shares at a maximum price of Rs 2,550 apiece. The company's board has approved buyback of up to 11,20,000 fully paid-up shares of face value of Rs 2 each at a price of Rs 2,550 per share payable in cash, Ajanta Pharma said in a regulatory filing.
The total pay-out towards buyback of shares will be not exceeding Rs 356 crore, including a share buyback consideration not exceeding Rs 286 crore and tax not exceeding Rs 70 crore, on a proportionate basis through the tender offer process, it added.
"This buyback represents 1.29 per cent of the total number of equity shares of the company and 9.89 per cent of the paid-up share capital and free reserves of the company as per the audited financial statements for the financial year ended on March 31, 2021," the drug firm stated.
The Record date for the same has been fixed as January 14, 2022, it added.
Mumbai-based Ajanta Pharma is a speciality pharmaceutical formulation company having presence in domestic and various international markets.
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