Aurobindo Pharma board approves share buyback plan worth Rs 750 cr

Aurobindo Pharma on Thursday said its board has approved a share buyback plan of up to Rs 750 crore.

The company's board has approved the buyback of up to 51,36,986 shares representing up to 0.88 per cent of the total paid-up equity share capital, Aurobindo Pharma said in a regulatory filing.

The company will buy the shares at Rs 1,460 apiece for an aggregate amount of up to Rs 750 crore, it added.

The drug firm said July 30 has been fixed as the record date for the Rs 750-crore share buyback scheme through the tender offer route.

At the end of June 30, the company promoters owned 51.8 per cent stake, while foreign institutional investors (FIIs) and mutual funds owned 16.73 per cent and 19.17 per cent respectively.

 

Shares of Aurobindo Pharma were trading 2.83 per cent down at Rs 1,332.90 apiece on the BSE.