Shares of drug maker Aarti Druges rose as a lot as 15 per cent to hit an intraday excessive of Rs 785 after its board of administrators permitted share buyback proposal. Aarti Drugs’ board of administrators permitted a proposal to buyback 6 lakh shares of face worth of Rs 10 every at Rs 1,000 for a complete consideration of Rs 60 crore.
“Board of Directors at its assembly held as we speak has permitted the Buyback of as much as 6,00,000 absolutely paid-up fairness shares of face worth of Rs 10 every of the Company representing as much as 0.64 per cent of the full variety of Equity Shares of the Company at a worth of Rs 1,000 per fairness share payable in money for an mixture quantity of as much as Rs. 60,00,00,000,” Aarti Drugs stated in a inventory change submitting.
Aarti Drugs share buyback worth of Rs 1,000 is at a premium of 46 per cent to its yesterday’s closing worth of Rs 683. The firm has mounted April 1, 2021 because the document date to tender shares within the buyback.
As of three:25 pm Aarti Drugs shares traded 9.35 per cent larger at Rs 747, outperforming the Sensex which was up 1.15 per cent.