Dr.Reddy’s to buy back shares at Rs.3,500 per equity share

Chennai, Feb 17 (IANS) Pharma major Dr.Reddy’s Laboratories said on Wednesday that it has decided to buyback around 44, 84,049 of equity shares representing around 2.6 percent for Rs.1,569.4 crore as it has strong cash flows.

The maximum buyback price per share is fixed at Rs.3,500 representing 18.6 percent premium compared to the average for the weekly high and low of the closing share price of the company during the last two weeks – up to February 16.

In a regulatory filing in BSE, the company said the board of directors at their meeting decided on buyback of the shares subject to approvals from shareholders.

According to the company, the actual number equity shares bought back, will depend upon the actual price, excluding transaction costs, paid for the equity shares bought back and the aggregate consideration, paid for the buyback, subject to the maximum buyback size, that is, Rs.1,569.4 crore.

According to Dr.Reddy’s Laboratories, it will utlilise at least Rs.784.7 crore- 50 percent of Rs.1,569.4 crore earmarked as maximum buyback size – to buy back around 22,42,024 shares or 1.3 percent of of the equity.

Meanwhile to stock price flared up to Rs.2,961.05 on Wednesday as against the Tuesday’s closing price of Rs.2,860.35.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here