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Ajanta Pharma board nod to Rs 286-crore share buyback plan

Ruchika SharmaWritten by Ruchika Sharma Published On 2021-12-29T11:00:25+05:30  |  Updated On 29 Dec 2021 5:30 PM IST
Ajanta Pharma board nod to Rs 286-crore share buyback plan
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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.
Read also: Ajanta Pharma net profit up 23 percent at Rs 159 crore in Q4
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.
Read also: Ajanta Pharma lines up capex plan of Rs 250 crore for FY22


ajanta pharmaajanta pharma newsbuyback
Source : PTI
Ruchika Sharma
Ruchika Sharma

    Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

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