Moneycontrol
Last Updated : Jan 09, 2018 02:02 PM IST | Source: Moneycontrol.com

Aarti Drugs rises 7% on buyback approval

The buyback will take place on a proportionate basis through a tender offer route.

Shares of Aarti Drugs touched 52-week high of Rs 784.80, rising 7 percent in the early trade on Tuesday on approval of buyback of shares.

The board of directors of the company in their meeting held on January 8 has approved the buyback of up to 2,75,000 fully paid up equity shares of face value of Rs 10 each.

The board has fixed the buyback price at Rs 875 per equity share payable in cash for an aggregate amount of upto Rs 24,06,25,000, which is being 5.97% of the fully paid-up equity share capital and free reserves as per the standalone audited balance sheet of the company as on September 30, 2017.

The buyback will take place on a proportionate basis through a tender offer route.

The board noted the intention of members of the promoter and promoter group including person in control of the company to participate in the proposed buyback.

The board of directors has determined that the record date for the proposed buyback is January 19, 2018.

At 09:33 hrs Aarti Drugs was quoting at Rs 768, up Rs 36, or 4.92 percent on the BSE.

The share advanced more than 48 percent in the last 3-month.

Watch accompanying video of Adhish Patil, CFO of Aarti Drugs for more details.

Posted by Rakesh Patil
First Published on Jan 9, 2018 09:39 am
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