FDC gains 7% ahead of board meet for share buyback

The stock was up 7% to Rs 256 on BSE ahead of board meeting today to consider share buyback proposal and unaudited financial results for the quarter ended December 2017.

FDC was up 7% to Rs 256 on BSE ahead of board meeting today to consider share buyback proposal and unaudited financial results for the quarter ended December 2017.

“The board of directors shall meet on February 8, 2017 to consider the proposal for buyback of fully paid up equity shares of the Company through tender offer route, up to such amount of the aggregate of Company's paid up equity share capital and free reserves as the Board may decide,” FDC on February 3, 2018 said in a BSE filing.

Earlier, on January 09, 2018, the pharmaceutical company intimated the stock exchanges that the company's board of directors' meeting will to be held to consider and approve the unaudited financial results of the company for the quarter and nine months ended December 31, 2017.

As of December 2017, the promoters held 68.89% stake in FDC. Individual shareholder have 14.16% stake, followed by foreign institutional investors (9.37%) and mutual funds (3.67%).

At 12:03 PM; the stock was up 5% at Rs 252 on BSE as compared to 0.33% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 90,941 shares changed hands on BSE and NSE so far. The stock hit a 52-week high of Rs 270 on December 26, 2017 on BSE in intra-day trade.