Aarti Drugs Limited announces an Equity Buyback for 275,000 shares, representing 1.15% for INR 240.63 million.
January 08, 2018 at 12:30 pm
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Aarti Drugs Limited (BSE:524348) announces a share repurchase program. Under the offer, the company will repurchase up to 2,75,000 shares, representing 1.15% of its share capital, for a total consideration of INR 240.63 million. The shares will be repurchased at a purchase price of INR 875 per share. The purpose of the offer is to provide return to the shareholders, improve the earnings per share, return on equity by reduction in the equity base, thereby leading to long term increase in shareholders’ value. The funds deployed for offer shall not exceed 10% of fully paid-up equity share capital and free reserves of the company. The record date for the offer is January 19,2018. The repurchase program is valid till February 28, 2018. As of January 8, 2018, the company had 23,857,100 shares in issue.
On January 10, 2018, the company announced that the buyback program has been approved by the Board of Directors at their meeting held on January 8, 2018.
Aarti Drugs Limited is an India-based company that is engaged in the manufacturing of active pharmaceutical ingredients (APIs), pharma intermediates, specialty chemicals and formulations. The Company operates through pharmaceuticals segment. The Company's APIs products include ciprofloxacin hydrochloride, metronidazole, metformin HCL, ketoconazole and ofloxacin, among others. Its specialty chemicals products include benzene sulphonyl chloride and methyl nicotinate, among others. Its pharma intermediates products include tinidazole, celecoxib, ciprofloxacin, clopidogrel, diclofenac, ketoconazole, raloxifene and zolpidem. Its products under development include itraconazole, fluconazole, dabigatran, ticagrelor, sitagliptin and alpha lipoic acid. The Company's subsidiaries include Pinnacle Life Science Private Limited, Aarti Speciality Chemicals Limited and Pinnacle Chile SPA.
AARTI DRUGS LIMITED 
