Ajanta Pharma board approves share buyback
The board of directors of Ajanta Pharma approved 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.
The total pay-out towards buyback of shares will be not exceeding 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.
Shares of Ajanta Pharma have advanced 6.54% to Rs 2,320.95 apiece on the BSE.
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.
The board has fixed January 14, 2022 as the record date for the same.
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