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Ajanta Pharma gains 5% as board approves share buyback worth Rs 285 crore

The board has fixed January 14, 2022 as the record date for the same.

December 28, 2021 / 12:26 PM IST
Ajanta Pharma

Ajanta Pharma

 
 
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Shares of Ajanta Pharma gained more than 5 percent intraday to Rs 2,299.90 after the company's board approved a share buyback worth Rs 285.6 crore today.

The board of directors of Ajanta Pharma approved a buyback of up to 11,20,000 fully paid-up equity shares of face value of Rs 2 each by the company at a price of Rs 2,550 per equity share payable in cash, as per the company's press release.

The total pay-out towards buyback of shares will not exceed Rs 356 crore (equity shares buyback consideration not exceeding Rs 286 crore + buyback tax not exceeding Rs 70 crore) on a proportionate basis through the tender offer process.

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This buyback represents 1.29% of the total number of equity shares of the company and 9.89% of the paid-up share capital and free reserves of the company as per the audited financial statements for FY21.

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The board has fixed January 14, 2022 as the record date for the same.

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At 12:07 hrs, Ajanta Pharma was quoting at Rs 2,299.90, up Rs 121.35, or 5.57 percent on the BSE.
Moneycontrol News
first published: Dec 28, 2021 12:26 pm
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