Aarti Drugs Set To Open Share Buyback Offer On April 27
Aarti Drugs will open its share buyback offer on April 27. The buyback offer will comprise 6 lakh fully paid-up equity shares with a face value of Rs 10 each, representing 0.64 per cent of total shares of the company. The buyback will close on May 10, 2021.
Aarti Drugs has set the buyback price at Rs 1,000 per share, as against the prevailing market price of Rs 722.25 (as on April 21), aggregating to Rs 60 crore.
Companies usually buy back shares from the open market to increase the value of remaining shares by cutting down on supply or to prevent other shareholders from taking a controlling stake in the company.
Through the buyback, Aarti Drugs will return surplus cash to shareholders, improve earnings per share and increase shareholder's value in the long-term.
Aarti Drugs produces more than 40 products, including anti-biotic, anti-inflammatory, anti-fungal and anti-diabetic medications. It has nine manufacturing locations at Tarapur in Maharashtra and two units at Sarigam in Gujarat.
Inga Ventures is the manager to the buyback issue, while Link Intime India is the registrar.
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