Aarti Drugs surged 7.57% to Rs 606.35 after the pharma company announced that its board has approved share buyback of up to Rs 59.85 crore at a price of Rs 900 per equity share.
The buyback price fixed at Rs 900 per equity share, representing a 59.66% premium to Fridays closing price of Rs 563.70 on the BSE.
The pharmaceutical company will buyback up to 6, 65,000 fully paid-up equity shares, representing up to 0.72% of the total paid-up equity shares of the firm.
The buyback offer size represents 5.16% and 4.74% of the fully paid- up equity share capital and free reserves of the company based on the audited standalone and consolidated balance sheet of the company as on 31 March 2024, respectively.
The company has fixed 5 September 2024 as the record date for the proposed buyback. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the buyback regulations, said the firm.
Aarti Drugs is primarily involved in manufacturing and marketing of Active Pharmaceutical Ingredients (API), Pharma Intermediates and Specialty Chemicals.
The companys consolidated net profit declined 30.5% to Rs 33.24 crore on 16% slide in net sales to Rs 555.34 crore in Q1 FY25 over Q1 FY24.
The counter hit a 52-week high of Rs 632.10 in todays intraday session.
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First Published: Aug 26 2024 | 4:35 PM IST
