Amrutanjan Health Care on Friday announced that its board approved a buyback plan at an offer price of ₹900 per equity share, a 35 per cent premium over Wednesday’s closing price of ₹667.9 on NSE.
In a regulatory filing, the Chennai-based company said the total buyback offer size will be ₹28.8 crore, excluding expenses to be incurred for the buyback brokerage costs, fees, turnover charges, taxes such as tax on buyback and other incidental and related expenses and charges.
“The resultant equity shares to be bought back at the buyback offer price shall not exceed 3,20,000 equity shares, representing 1.10 per cent of the total number of equity shares in the total paid up equity capital of the company,” the company added.
Shares of Amrutanjan Health Care rallied 16 per cent in early trading after the buyback announcement. The shares opened at ₹678 and hit a day’s high of ₹775.45 on NSE.