The buyback offer from Granules India will open on September 27 and close on October 11, the pharma company informed the exchanges.
The company plans to buy back 62.5 lakh shares, equivalent to 2.52 per cent of total paid-up capital. Granules had announced the share buyback via tender offer on a proportionate basis at a price of ₹400 a share for up to ₹250 crore. The stock on Friday closed at ₹315.85 on the BSE.
Record date: Aug 23
The company had fixed the record date to identify eligible shareholders to participate in the buyack as August 23.
Granules India posted a profit of ₹124.77 crore for the quarter ended June 2022 on revenues of ₹921.36 crore. For FY22, the net profit stood at ₹386.52 crore and revenues at ₹3,238.44 crore.
According to June quarter shareholding pattern, small investors hold 19.88 per cent stake and high net worth individuals' 5.37 per cent in the company. FIIs and MFs holding stood at 23.13 per cent and 3.03 per cent respectively. Promoters hold 41.98 per cent stake.