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The board of directors of Ajanta Pharma on Wednesday approved a proposal to buy back the company’s shares worth ₹100 crore. The company plans to buy back a maximum of 7,69,230 shares (representing 0.87 per cent) of its total paid-up equity share capital at ₹1,300 a share.
The board approved the proposed buyback from all equity shareholders of the company, including promoters and members of the promoter group, as on the record date, through tender offer on proportionate basis.
The board has also noted the intention of certain members of promoter and promoter group to participate in the buyback.
However, the proposal is subject to all applicable statutory approvals, it said in a statement.
Meanwhile, the pharma major has reported a 55 per cent drop in its consolidated net profit for the quarter ended December 2018 at ₹67 crore, against the year-ago net of ₹147 crore. Consolidated revenue too declined to ₹485 crore (₹587 crore), down 17 per cent.
Yogesh Agrawal, Managing Director, in the release said: “Our sales in all our key markets continue to post satisfactory growth reflecting strong inherent fundamentals of the brands which are built over the years. This quarter also saw significant drop in the anti-malarial business due to changing conditions of this business segment.”
On Wednesday, the shares of Ajanta Pharma closed at ₹1,089.55, down 0.38 per cent, on the BSE.
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