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Shares of Aarti Drugs touched 52-week high of Rs 784.80, rising 7 percent in the early trade on approval of buyback of shares.
The board of directors of the company in their meeting held on January 8 has approved the buyback of up to 2,75,000 fully paid up equity shares of face value of Rs 10 each.
The board has fixed the buyback price at Rs 875 per equity share payable in cash for an aggregate amount of upto Rs 24,06,25,000, which is being 5.97 percent of the fully paid-up equity share capital and free reserves as per the standalone audited balance sheet of the company as on September 30, 2017.Benchmark as well as broader indices turned volatile after hitting record highs in opening as investors await December quarter earnings season that will be kicked off by TCS, Infosys and IndusInd Bank later this week.
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