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Aarti Drugs Ltd approves buyback upto 2,82,100 shares at Rs. 900

Posted On: 2019-03-16 09:40:59

The Board of Directors at its meeting held today has approved the buyback up to 2,82,100 fully paid-up equity shares of face valuer of Rs. 10/- (Rupees Ten only) each of the Company ("Equity Shares") representing up to 1.20% of the total number of equity Shares of the Company at a price of Rs. 900/- (Rupees Nine Hundred Only) per Equity Share ("Buy Back Price") (including premium of Rs. 890/ - per Equity Share) payable in cash for an aggregate amount of up to Rs. 25,38,90,000/- (Rupees Twenty Five Crores Thirty Eight Lakh Ninety Thousand Only ) (excluding transaction costs such as brokerage, securities transaction tax, goods and service tax, stamp duty etc.)("Buy back size"), which is 5.51% and 5.29% of the fully paid-up equity share capital and free reserves on standalone and consolidated basis respectively, as per the audited balance sheet of the Company as on September 30, 2018, (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 Size does not include any expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India, fees and charges payable to Stock Exchanges, public announcement expenses, printing and dispatch expenses and other incidental and related expenses.

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 29th March,2019 ("Record Date").

Shares of AARTI DRUGS LTD. was last trading in BSE at Rs.664 as compared to the previous close of Rs. 663.2. The total number of shares traded during the day was 2982 in over 257 trades.

The stock hit an intraday high of Rs. 683 and intraday low of 661. The net turnover during the day was Rs. 2006457.

Source: Equity Bulls

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