Ajanta Pharma shares rose 5% as board approves share buyback

Ajanta Pharma shares rose 5% as board approves share buyback

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.

Also Read : Stocks In News : Data Patterns, Ajanta Pharma, PSP Projects and other stocks

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.

At 12:07 hrs., Ajanta Pharma was quoting at Rs 2,299.90, up Rs 121.35, or 5.57 percent on the BSE.

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