The board of Zydus Lifesciences Ltd. has approved a buyback of equity shares at its board meeting held this Friday.
The board has approved to repurchase 59.7 lakh equity shares, which represent 0.59% of the company's total paid-up equity capital via the tender offer route.
A share buyback via the tender offer route means that the company will repurchase the shares at a fixed price.
Price for the ₹600 crore share buyback has been fixed at ₹1,005 per share, which is a 25% premium to Thursday's closing price for Zydus Life.
Record date for the buyback has been fixed at February 23, 2024, which means that those shareholders , who have shares of the company as of the record date, will be eligible to participate in the buyback.
Zydus Life reported US sales of $221 million compared to $225 million sequentially and $192.5 million year-on-year. The figure though is lower than the estimate of $234 million.
For the December quarter, the company reported a net profit of ₹790 crore, which was 26.8% higher compared to last year, while EBITDA margin expanded by nearly 200 basis points to 24.4% from 22.5% last year.
Shares of Zydus Life are trading 1% lower at ₹794.
First Published: Feb 9, 2024 2:11 PM IST
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