Shares of drug maker Aarti Druges rose as much as 15 per cent to hit an intraday high of Rs 785 after its board of directors approved share buyback proposal. Aarti Drugs' board of directors approved a proposal to buyback 6 lakh shares of face value of Rs 10 each at Rs 1,000 for a total consideration of Rs 60 crore.
"Board of Directors at its meeting held today has approved the Buyback of up to 6,00,000 fully paid-up equity shares of face value of Rs 10 each of the Company representing up to 0.64 per cent of the total number of Equity Shares of the Company at a price of Rs 1,000 per equity share payable in cash for an aggregate amount of up to Rs. 60,00,00,000," Aarti Drugs said in a stock exchange filing.
Aarti Drugs share buyback price of Rs 1,000 is at a premium of 46 per cent to its yesterday's closing price of Rs 683. The company has fixed April 1, 2021 as the record date to tender shares in the buyback.
As of 3:25 pm Aarti Drugs shares traded 9.35 per cent higher at Rs 747, outperforming the Sensex which was up 1.15 per cent.
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