Aarti Drugs To Buyback Shares Worth Rs 60 Crore

The board of Aarti Drugs Ltd. on Monday approved the buyback of equity shares worth Rs. 59.85 crore. 

The company's board approved a buyback of up to 6.65 lakh shares with a face value of Rs 10 each, representing up to 0.72% of the total paid-up equity shares of the company, according to an exchange filing.

The company has fixed the buyback price at Rs 900 per share, which is a 60% premium to the current market levels. The company has set Sept. 5, 2024, as the record date for the share buyback.

The company intends to buyback the shares through the 'tender offer' route, which means that the buyback price will remain fixed and will not change.

Inga Ventures Private Ltd. has been appointed as the manager of the proposed buyback.

Shares of Aarti Drugs closed 7.57% higher at Rs 606.35 apiece, compared to a 0.75% advance in the BSE Sensex.

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