Ajanta Pharma Limited (NSEI:AJANTPHARM) announces a share repurchase program. Under the program, the company will repurchase up to 1,028,881 shares, representing 0.82% of its issued share capital for a total of INR 2,850 million. The shares will be repurchased at a price of INR 2,770 per share.

The purpose of the offer is to return surplus funds to the shareholders thereby enhancing the overall return to the shareholders, to improve financial ratios like return on equity and to provide an option to the shareholders to either participate in the buyback and get cash in lieu of their shares or not participate in the buyback and enjoy an increase in their percentage shareholding post the buyback, without additional investment. The company will finance the buyback from cash and cash equivalents of the company or such other source as may be permitted by Buy-back Regulations or the companies Act. The company has set May 30, 2024, as the record date for the offer.

The offer will be valid till June 11, 2024. As of March 31, 2024, the company had 125,916,655 shares in outstanding.