 "Aarti Drugs surges 7% on board nod for share buyback")
Aarti Drugs hit a fresh 52-week high of Rs 785, up 7% on BSE in intra-day trade so far, after the company’s board share buyback at a price of Rs 875 per share through tender offer.
“The board approved a buyback of up to 0.27 million equity shares representing up to 1.5% of total equity of the company at a price of Rs 875 per equity share for an aggregate amount of up to Rs 241 million, on a proportionate basis through the tender offer,” Aarti Drugs said in a statement.
The Board took note of intention of members of the promoter and promoter group including person in control of the Company to participate in the proposed Buyback, it added.
The pharmaceutical company has fixed January 19, 2018 as record date of for the purpose of buyback.
The stock has outperformed the market by surging 23% in past one week after the company said that its board will meet on January 8, to consider share buyback proposal. The S&P BSE Sensex was up 1.8% during the week.
At 10:25 AM; the stock was up 5% at Rs 770 against 0.17% rise in the benchmark index. The trading volumes on the counter more than doubled with a combined 260,932 shares changed hands on BSE and NSE so far.
“The board approved a buyback of up to 0.27 million equity shares representing up to 1.5% of total equity of the company at a price of Rs 875 per equity share for an aggregate amount of up to Rs 241 million, on a proportionate basis through the tender offer,” Aarti Drugs said in a statement.
The Board took note of intention of members of the promoter and promoter group including person in control of the Company to participate in the proposed Buyback, it added.
The pharmaceutical company has fixed January 19, 2018 as record date of for the purpose of buyback.
The stock has outperformed the market by surging 23% in past one week after the company said that its board will meet on January 8, to consider share buyback proposal. The S&P BSE Sensex was up 1.8% during the week.
At 10:25 AM; the stock was up 5% at Rs 770 against 0.17% rise in the benchmark index. The trading volumes on the counter more than doubled with a combined 260,932 shares changed hands on BSE and NSE so far.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%