Aarti Drugs share price zooms 10% after board approves share buyback worth up to Rs 60 crore

Aarti Drugs share price zooms 10% after board announces share buyback of nearly Rs 60 crore.

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Aarti Drugs share price hit the fresh 52-week high in Monday's trade after the company's board approved share buyback of about Rs 60 crore.

Aarti Drugs stock hit the year's high of Rs 632.10 per share on the BSE, up 12.13 percent from its previous close of Rs 563.70 apiece.

The board of directors at its meeting held on Monday, August 26 approved buyback of up to 6.65 lakh shares of face value of Rs 10 each, representing up to 0.72 percent of the total paid up equity shares of the company.

It has also fixed the buyback price at Rs 900 per equity share, about 60 percent premium from its current levels.

According to the company's exchange filing, the buyback size has been fixed at Rs 59.85 crore. The board has also fixed the record date for the proposed buyback on September 5, 2024. The company announced to buyback the shares via the 'tender offer' route.

The company has a long list of repurchasing it own shares. Going by the corporates actions data of the BSE, the company announced buyback in 2016, 2018, 2019, 2021 and 2023. It last announced buy back of shares on 4th August 2023.

In 2024 so far, the stock surged 22.46 percent. In Friday's trade, the stock settled at Rs 622.10 per share on the NSE, up 10.32 percent.

A total of 1.75 lakh shares changed hands today of Aarti Drugs which is a constituent of BSE SmallCap index generating a total turnover of Rs 10.47 crore. The company has a market cap of Rs 5,718.36 crore, as per BSE. While over 41.88 lakh shares of the company were traded on the NSE during the day.

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