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Stock Report
Aarti Drugs Ltd Board approves Buy back of 6 lakh equity shares at Rs. 1000 per share
Posted On : 2021-03-25 09:55:15( TIMEZONE : IST )
The Board of Directors of Aarti Drugs Ltd at its meeting held today has approved the Buyback of up to 6,00,000 fully paid-up equity shares of face value of Rs. 10/- (Rupees Ten only) each of the Company ("Equity Shares") representing up to 0.64% of the total number of Equity Shares of the Company at a price of Rs. 1,000/- (Rupees One Thousand Only) per Equity Share ("Buy Back Price") (including premium of Rs. 990/- per Equity Share) payable in cash for an aggregate amount of up to Rs. 60,00,00,000/- (Rupees Sixty Crore Only ) (excluding transaction costs such as brokerage, Buyback tax, securities transaction tax, goods and service tax, stamp duty etc.)("Buyback Size"), which is 9.82% and 9.41% 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, 2020, (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 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"), 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 April 1, 2021 ("Record Date").
Inga Ventures Private Limited has been appointed as the Manager to the proposed Buyback.
Shares of AARTI DRUGS LTD. was last trading in BSE at Rs.726.5 as compared to the previous close of Rs. 725.9. The total number of shares traded during the day was 66549 in over 3066 trades.
The stock hit an intraday high of Rs. 749.65 and intraday low of 718.85. The net turnover during the day was Rs. 48917715.
