Ajanta Pharma, yesterday after market hours, announced buyback of Rs.136 crore worth of shares.
It plans to buyback 7.35 lakh shares or 0.84% stake at Rs.1850/share, which a 15% premium to yesterday’s close of Rs.1609.35.
The buyback will be through a tender offer route and the promoter members also plan to participate in this proposed buyback.
13th Nov will be the Record Date.
The company yesterday also declared an interim dividend of Rs. 9.50/share of face value of Rs. 2 each for the financial year 2020-21.
The stock price, in the opening bell session rose 4.5% to Rs.1665.45 but this initial euphoria has fizzled out and the stock is now just about holding on to the green, less than 1% up.