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Stock Report
Ajanta Pharma Ltd approves buy back of 10,28,881 shares through tender offer
Posted On : 2024-05-04 12:45:13( TIMEZONE : IST )
The board of directors of Ajanta Pharma Ltd has approved the Buy-back of up to 10,28,881 fully paid-up Equity Shares of face value of ₹2/- each by the Company (representing 0.82% of the total number of Equity Shares of the Company) at a price of ₹ 2,770/- (Rupees Two Thousand, Seven Hundred and Seventy Rupees) per Equity Share payable in cash for a total consideration not exceeding ₹ 285 crores (Rupees Two Hundred and Eighty Five Crores only) (excluding transaction costs such as brokerage, filing fees, advisors / legal fees, public announcement publication expenses, printing and dispatch expenses, applicable taxes such as buyback tax, securities transaction tax, good and service tax, stamp duty, etc.) representing 8.34% and 8.03% of the total paid-up equity share capital and free reserves (including securities premium account) as per the audited standalone financial statements and audited consolidated financial statements of the Company, respectively, for the period ended on March 31, 2024, through the "Tender Offer" route as prescribed under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 as amended, ("Buyback Regulations") on a proportionate basis, from the Equity Shareholders/beneficial owners of the Equity Shares of the Company including promoters, members of promoter group and persons acting in concert, as on the record date i.e. May 30, 2024.
The Board of Directors of the Company may, till one working day prior to the record date, increase the maximum Buy-back price and decrease the number of securities proposed to be bought back, such that there is no change in the aggregate size of the Buy-back.
The process, timelines and other requisite details of the Buyback will be set out in the public announcement and the letter of offer to be issued in accordance with the Buyback Regulations.
Shares of Ajanta Pharma Limited was last trading in BSE at Rs. 2377.00 as compared to the previous close of Rs. 2233.10. The total number of shares traded during the day was 73699 in over 6672 trades.
The stock hit an intraday high of Rs. 2531.95 and intraday low of 2360.00. The net turnover during the day was Rs. 179051513.00.
