Alembic hits record high as board approves share buyback proposal

The stock hit a new high of Rs 72, up 8% on BSE after its board approved the proposal of buyback of equity shares of the company at price of Rs 80 per share through tender offer.

Alembic hits a new high of Rs 72, up 8% on BSE in early morning trade after its board approved the proposal of buyback of equity shares of the company at price of Rs 80 per share through tender offer.

“The board of directors approved the proposal for buy-back of 10.2 million equity shares of the Company having face value of 2 (representing up to 3.84% of the total paid-up equity share capital of the Company) at a price not exceeding Rs 80 per share for a total consideration not exceeding Rs 820 million,” Alembic said in a regulatory