 "Zydus Lifesciences announces share buyback of Rs 600 cr; to open on Feb 29")
Zydus Lifesciences on Tuesday announced a share buyback of up to Rs 600 crore. It will buy back 5.97 million shares at Rs 1,005 apiece.
In a regulatory filing, the company attached the letter of offer, which said, "Offer to buyback not exceeding 5,970,149 fully paid-up equity shares of the company, having face value of Rs 1 each representing 0.59 per cent of the total number of equity shares in the paid-up share capital of the company, from the equity shareholders/beneficial owners of equity shares of the company as on February 23, 2024, on a proportionate basis, through the "tender offer" route at a price of Rs 1,005/- per equity share payable in case, for an aggregate amount not exceeding Rs 600,00,00,000 excluding transaction costs."
The buyback will open on February 29. The share repurchase programme will close on March 6, 2024.
Earlier this week, Zydus Lifesciences received the World Health Organisation’s (WHO’s) prequalification approval for the active pharmaceutical ingredient (API) called Miltefosine, to treat Leishmaniasis or Kala Azar.
It may be noted that the Vaccine Technology Centre (VTC) of Zydus Lifesciences, which has two R&D centres -- Catania, Italy and another in Ahmedabad -- has been developing a vaccine for Leishmaniasis.
In 2015, Zydus said its R&D subsidiary Etna Biotech will collaborate with the US-based National Institute of Allergy and Infectious Diseases to develop a vaccine against visceral leishmaniasis (VL), known as Kala Azar in India.
The stock of pharma major Zydus Lifesciences hit lifetime highs last week and gained 40 per cent over the past three months. More than half the gains for the stock came in the previous month.
On Tuesday, 1:55 pm, the shares of the company were trading 0.29 per cent up at Rs 945.30 apiece on the BSE.