The board of Aarti Drugs today approved buyback of up to 6,00,000 fully paid-up equity shares of face value of Rs. 10 each of the company, representing up to 0.64% of the total number of equity shares, at a price of Rs. 1,000 per share.
“The board took note of intention of members of the promoter and promoter group including person in control of the Company to participate in the proposed buyback,” the company said. As on March 12, 2021, promoter and promoter group held 60.2% stake in the company.
Inga Ventures Private Limited has been appointed as the manager to the proposed buyback.
The record date for the ?60 crore buyback has been fixed as April 1, 2021. “The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the buyback regulations,” the company said.
Aarti Drugs shares were trading 10% higher at ?754 in late trade.
In the December 2020 quarter, Aarti Drugs had recorded consolidated quarterly revenue from operations of Rs.530.25 Ccores with year-on-year increase of 11.98%. API segment contributed approximately 87% and formulation around 13% of the total consolidated revenues. Domestic sales of the API segment grew by approximately 13.50% and exports by 13.77%.
Consolidated profit after tax for the quarter ended December’2020 was up at Rs.68.03 crore, up by 144.88% on a year-on-year basis. Consolidated EBITDA margin improved from last year to 20.25%.
News Source:- Livemint