Aarti Drugs Limited on Friday (July 21) announced its share repurchase plan, signaling its intention to buy back up to 665,000 shares, equivalent to 0.72 percent of the total shares issued, for a total amount of Rs 59.8 crore. The repurchase price has been set at Rs 900 per share. The record date for this buyback program is August 4, 2023.
As of July 14, 2023, the company had a total of 92,600,000 shares outstanding.
This move comes as the well-known pharmaceutical company seeks to purchase a portion of its own shares from existing shareholders.
The allocated funds for the buyback amount to approximately Rs 59.85 crore, which represents about 5.44 percent of the company's total issued shares.
Shareholders who possess the company's shares on August 4, 2023, will have the opportunity to participate in the buyback. During the buyback period, shareholders can sell their shares back to the company at the offered price of Rs 900 per share.
The buyback period commences on the date of approval by the company's board and concludes upon completion of payment for the bought-back shares.
In the previous buyback, which took place in 2021, the company bought back shares at a price of Rs. 1,000 per share. At that time, the market price of the stock was Rs. 680.
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