Aarti Drug: Board approves share buyback

Aarti Drugs announced that its board approved buyback of around 1.2 per cent equity shares. The buyback price is set at Rs. 900 per share, which is a 37 per cent premium to its, Friday, 15 March closing.

The company declared that its board approved the buyback of 2,82,100 fully paid-up equity shares of face value Rs. 10 each. The buyback shares represented around 1.20 per cent of the total shareholding of the company. The buyback of share will be at a price of Rs. 900 per share, which is 37 per cent premium to its Friday's closing, with equity share payable in cash for an aggregate amount of up to Rs. 25.38 crore.

According to pre-buyback shareholding pattern, the promoter had 62.26 per cent shareholding in the company. While the public shareholding stood at 37.74 per cent as of March 15, 2019.

Aarti Drugs is engaged in the business of manufacturing generic bulk actives, advanced intermediates and specialty chemicals. Aarti Drugs engaged in manufacturing of Active Pharmaceutical Ingredients (API) pharma intermediates and specialty chemicals.

Reacting to the news, the stock price touched its intraday high of Rs. 692.75 per share. It closed the trading session with a loss of 1.59 per cent at per share price of Rs. 658.50 on BSE. The benchmark index Sensex closed yet another trading session on a positive note, higher by 269.43 points at 38024.32.