Ajanta Pharma Approves Buyback of Shares Worth ₹315 Crore
Pharmaceutical company Ajanta Pharma’s board has approved a share buyback proposal worth ₹315 crore. The company plans to buy back 22,10,500 equity shares at a price of ₹1,425 per share via the tender offer route. This represents 2.59% of the total equity of the company. The buyback offer will be open to equity shareholders as of Friday, March 24, 2023. The total payout towards the buyback of shares will not exceed ₹389 crore.
Ajanta Pharma informed the exchange that the buyback represents 9.93% and 9.64% of the paid-up capital and free reserves, respectively. The buyback is an alternative tax-efficient way to return money to shareholders. The reduction in the number of shares in circulation can increase the share value and earnings per share (EPS).
Ajanta Pharma is a pharmaceutical formulation company operating in India, emerging markets, the US, and Africa. Its shares are currently trading at ₹1,213 per share on the Bombay Stock Exchange, down more than 1% in afternoon deals. The company’s stock has seen a 4% increase in the past year.
About Ajanta Pharma:
Ajanta Pharma is a specialized pharmaceutical enterprise that supplies top-notch medicines to over 30 nations globally. Our company boasts a dominant position in various molecules and therapeutic categories by offering pioneering first-to-market products.
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