Ajanta Pharma Limited announces an Equity Buyback for 769,230 shares, representing 0.87% for INR 1,000 million.
January 30, 2019 at 08:11 am
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Ajanta Pharma Limited (NSEI:AJANTPHARM) announces a share repurchase program. Under the program, the company will repurchase up to 769,230 shares, representing 0.87% of its issued share capital for a total of INR 1,000 million. The shares will be repurchased at a price of INR 1,300 per share. The purpose of the repurchase program is to improve earnings per share and return on equity, thereby enhancing the overall value of the shareholders, to achieve an optimal capital structure, to distribute surplus cash to the shareholders, to provide an option the shareholders to participate in the buyback and get cash in lieu of shares or not participate in the buyback and enjoy a resultant increase in their shareholding, without any additional investment. The offer will be funded out of the company’s current surplus, cash balance, internal accruals or other sources as permitted by law. The company has fixed the record date as February 12, 2019. The plan is valid till March 14, 2019. As at January 25, 2019, the company had 88,023,000 shares in issue.
Ajanta Pharma Limited is an India-based specialty pharmaceutical company. The Company provides a comprehensive range of specialty branded generic products targeting a broad range of chronic and acute therapies. The Company is engaged in the manufacturing and sale of branded generic and generic pharmaceutical products. It has a wide range of therapeutic segments, such as cardiology, anti-diabetes, ophthalmology, dermatology, antibiotic, anti-malarial, pain, respiratory, gynecology, pediatric and general health products. Its branded generics business is spread across India, the rest of Asia, and Africa. Its business also consists of two verticals: United States generics and institutional business in Africa. Its ophthalmology products include Bimat (anti glaucoma), Nepaflam (anti-inflammatory), Softdrops (lubricant), and Olopat (anti-allergic). The Company's cardiology products include MET XL, Atorfit CV, Antihypertensive Cinod, Rosutor Gold, Dapalex and Vilatin.
AJANTA PHARMA LIMITED 
