Alembic gains on share buyback plan
The stock up 7% to Rs 63.20 on BSE in intra-day trade after the pharmaceutical company announced that its board will consider share buyback proposal on Tuesday, January 23, 2018.
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Small shareholders (under the banner of Unifi) are trying to get their nominee appointed to the Alembic board
Alembic rallied 7% to Rs 63.20 on BSE in intra-day trade after the pharmaceutical company announced that its board will consider share buyback proposal on Tuesday, January 23, 2018.
“The board of directors of the company also consider and approve, the proposal for buy-back of fully paid-up equity shares of the Company, which would include maximum amount, maximum number of equity shares, mode of buy-back and other matters incidental thereto,” Alembic said in a regulatory filing.
Earlier, on January 12, 2018, the company said that a meeting of the board of directors of the company is scheduled to be held on January 23, 2018 to consider and approve the standalone financial statement for the quarter and nine months period ended 31st December, 2017.
As of December 2017, the promoters hold 63.71% stake in Alembic. Individual shareholders held 24.6% holding, followed by bodies corporate (3.25%), mutual funds (2.15%) and foreign portfolio investors (1.61%).
In past one month, the stock outperformed the market by surging 30% against 4.7% rise in the S&P BSE Sensex.
“The board of directors of the company also consider and approve, the proposal for buy-back of fully paid-up equity shares of the Company, which would include maximum amount, maximum number of equity shares, mode of buy-back and other matters incidental thereto,” Alembic said in a regulatory filing.
Earlier, on January 12, 2018, the company said that a meeting of the board of directors of the company is scheduled to be held on January 23, 2018 to consider and approve the standalone financial statement for the quarter and nine months period ended 31st December, 2017.
As of December 2017, the promoters hold 63.71% stake in Alembic. Individual shareholders held 24.6% holding, followed by bodies corporate (3.25%), mutual funds (2.15%) and foreign portfolio investors (1.61%).
In past one month, the stock outperformed the market by surging 30% against 4.7% rise in the S&P BSE Sensex.