Aarti Drugs Ltd board approves buy back through tender offer

The Board of Directors of Aarti Drugs Ltd has approved the buyback of up to 6,65,000 fully paid-up equity shares of face value of Rs. 10/- (Rupees Ten only) each of the Company ("Equity Shares") representing up to 0.72% of the paid up Equity Shares of the Company at a price of Rs. 900/- (Rupees Nine hundred Only) per Equity Share ("Buy Back Price") payable in cash for an aggregate amount of up to Rs. 59,85,00,000/- (Rupees fifty nine crore eighty five lakhs Only) ("Buyback Size"), which is 5.44% and 5.10% of the fully paid- up equity share capital and free reserves, as per the audited standalone and consolidated balance sheet, respectively, of the Company as on March 31, 2023, (the last audited balance sheet available as on the date of Board meeting), on a proportionate basis through tender offer ("Tender Offer") as prescribed under Buyback Regulations, to all the equity shareholders/ beneficiary owners who hold Equity Shares on the Record Date ("Buyback"). The Buyback period shall commence from the date of approval of buyback by the Board until the last date on which the payment of consideration for the Equity Shares bought back by the Company is made ("Buyback Period") The Buyback Size does not include any transaction costs viz. brokerage, applicable taxes inter alia including Buyback taxes, securities transaction tax, GST, stamp duty, expenses incurred or to be incurred for the Buyback like filing fees payable to Securities and Exchange Board of India ("SEBI"), any charges payable to the Stock Exchanges, advisors/legal fees, public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses etc. ("Transaction Cost").

The Board took note of intention of members of the promoter and promoter group including person in control of the Company to participate in the proposed Buyback.

The Board of Directors has determined the Record Date for the proposed Buyback as August 4, 2023 ("Record Date").

The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.

The Company has formed a Buyback Committee to do all such acts, deeds, matters and things as it may, in its absolute discretion deem necessary, expedient usual or proper in connection with the proposed Buyback.

Inga Ventures Private Limited has been appointed as the Manager to the proposed Buyback.

Shares of Aarti Drugs Limited was last trading in BSE at Rs. 510.60 as compared to the previous close of Rs. 511.40. The total number of shares traded during the day was 45303 in over 2382 trades.

The stock hit an intraday high of Rs. 517.80 and intraday low of 506.00. The net turnover during the day was Rs. 23228761.00.

Source : Equity Bulls

Keywords

AartiDrugs INE767A01016 Buyback TenderOffer