Ajanta Pharma, a leading drug business, announced on Tuesday that its board of directors has approved a Rs 286-crore share buyback programme, under which the company will buy back shares at a maximum price of Rs 2,550 per share.

Ajanta Pharma stated in a regulatory filing that its board of directors has authorised the buyback of up to 11,20,000 fully paid-up shares with a face value of Rs 2 each at a price of Rs 2,550 per share payable in cash.

It stated that the total pay-out for share buybacks under the tender offer procedure will not exceed Rs 356 crore, including a share buyback consideration of not more than Rs 286 crore and tax of not more than Rs 70 crore, on a proportionate basis.

"As per the audited financial statements for the financial year ended on March 31, 2021, this buyback represents 1.29 percent of the total number of equity shares of the company and 9.89 percent of the paid-up share capital and free reserves of the company," Ajanta Pharma said. The record date for the same has been set for January 14, 2022, according to the statement.

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