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“The board approved the buyback of 3.43 million equity shares of the Company at a price of Rs 350 per equity share for an aggregate amount not exceeding Rs 1,200 million from the equity shareholders of the Company on a proportionate basis through the "Tender Offer" route,” FDC said in a regulatory filing.
As of December 2017, the promoters held 68.89% stake in FDC. Individual shareholder have 14.16% stake, followed by foreign institutional investors (9.37%) and mutual funds (3.67%).
Meanwhile, the pharmaceuticals company reported a strong 94% jump in net profit at Rs 427 million in December 2017 quarter against Rs 220 million in the corresponding quarter of previous year. Operational revenue grew 13% to Rs 2,488 million from Rs 2,201 million in previous year quarter.
At 09:55 AM; the stock was trading 6% higher at Rs 269 on BSE, as compared to 0.94% rise in the S&P BSE Sensex. A combined 253,257 shares changed hands on the counter on BSE and NSE.