Claris Lifesciences is trading higher by 3% at Rs 187 after the pharmaceutical company announced to buyback of up to 9.25 million equity shares at a price of Rs 250 per share through the tender offer process.
The stock opened at Rs 188 and hit a high of Rs 195 on the BSE. Till 1000 hours, around 189,000 shares already changed hands on the counter against an average 40,000 shares that were traded daily in past two weeks on the BSE.
The company said it will buy-back shares aggregating 9.25 million shares representing 14.49% of its total equity capital from shareholders for a total of Rs 231.25 crore, Claris said in a filing to the BSE.
The buy-back through tender offer route gives an option to all the equity shareholders, including the promoter shareholders, to receive the surplus cash by participating in it, it added.
As on December 31, 2013 the promoter and promoter group had a holding of 60.21% stake in the company.
Foreign institutional investors held 14.86% stake, followed by domestic institutional investors (11.42%), while the remaining 13.51% holdings are with the individual shareholders and others.
The stock opened at Rs 188 and hit a high of Rs 195 on the BSE. Till 1000 hours, around 189,000 shares already changed hands on the counter against an average 40,000 shares that were traded daily in past two weeks on the BSE.
The company said it will buy-back shares aggregating 9.25 million shares representing 14.49% of its total equity capital from shareholders for a total of Rs 231.25 crore, Claris said in a filing to the BSE.
The buy-back through tender offer route gives an option to all the equity shareholders, including the promoter shareholders, to receive the surplus cash by participating in it, it added.
As on December 31, 2013 the promoter and promoter group had a holding of 60.21% stake in the company.
Foreign institutional investors held 14.86% stake, followed by domestic institutional investors (11.42%), while the remaining 13.51% holdings are with the individual shareholders and others.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
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%