Aurobindo Pharma board approved share buyback of up to Rs 750 crore at a price of Rs 1,460 per equity share.
The buyback price fixed at Rs 1,460 per equity share, representing a 6.44% premium to Tuesday closing price of Rs 1,371.70 on the BSE.The company will buyback up to 57.36 lakh fully paid-up equity shares, representing upto 0.88% of the total paid-up equity shares of the company.
The buyback offer size represents 3.84% and 2.67% of the aggregate of the total paid-up equity share capital and free reserves of the company based on the latest audited standalone and consolidated financial statements of the company as on 31 March 2024, respectively.
The company has fixed 30 July 2024 as the record date for the purpose of determining the entitlement and the names of equity shareholders who would be eligible to participate in the buyback.
Aurobindo Pharma is principally engaged in manufacturing and marketing of active pharmaceutical ingredients, generic pharmaceuticals and related services.
The pharma major reported 79.5% jump in consolidated net profit to Rs 908.75 crore on a 17.1% rise in revenue from operations to Rs 7,580.15 crore in Q4 FY24 over Q4 FY23.
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