FDC surges 10% as board to consider buyback on August 9

Shares of FDC hit a 52-week high of Rs 378.45 as they rallied 10 per cent on the BSE in Thursday's intra-day trade after the company announced that its Board will meet on August 9 to consider buyback proposal.

Earlier on August 1, FDC announced that the meeting of the Board of Directors of the company is scheduled to be held on Wednesday, August 09, 2023, to consider and approve the unaudited financial results of the company for the quarter ended June 30, 2023.

In an exchange filing today, the company announced that, at the said meeting, the Board will also consider the proposal for buyback of fully paid up equity shares of the company.

Out four of the past five calendar years, the pharmaceutical company has bought back its own shares. Last year in April 2022, the company had bought back and extinguished a total of 2.9 million equity shares at a price of Rs 475 per equity share, comprising of 1.71 per cent of pre-buyback paid up equity share capital of the company through tender offer route.

Meanwhile, since April, the stock price of FDC has appreciated 48 per cent as compared to 11.2 per cent rise in the S&P BSE Sensex.