Dishman Carbogen corrects after board OKs buyback

Dishman Carbogen Amcis hit a lower circuit of 5% at Rs 84.30 on profit booking after the company's board approved share buyback.

The stock surged 39.03% in nine sessions to Rs 88.70 on 16 January 2020, from a recent closing low of Rs 63.80 on 3 January 2020.

The company's board on Thursday approved share buyback up to a maximum of 48 lakh shares or 2.97% equity at a price not exceeding Rs 150 each, aggregating to Rs 72 crore. Post the share buyback, the promoters stake expected to increase to 63.28% from 61.4%, while public shareholders stake to fall to 36.72% from 38.6%.

Further, the number of equity shares bought back under the buyback will not exceed 25% of the total number of equity shares of the company. The announcement was made after market hours yesterday, 16 January 2020.

Dishman Carbogen Amcis offers a portfolio of drug development and commercialization services to the pharmaceutical and biopharmaceutical industries at all stages of drug development.

The company's consolidated net profit declined 6.5% to Rs 41.16 crore on 4% rise in net sales to Rs 449.79 crore in Q2 September 2019 over Q2 September 2018. The company will announce Q3 earnings on 23 January 2020.

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