What to watch. Buy Alembic today to participate in buyback

Alembic’s board had approved the buyback of 1.02 crore shares or 3.84 per cent of its fully paid-up equity capital. While the buyback price is ₹80, the stock on Tuesday closed at ₹61.60. The board had fixed March 23 as the record date to determine the eligible shareholders to participate in the buyback, which is through the tender offer route on proportionate basis. That means, investors should buy the company’s shares by Wednesday to be eligible to participate in the buyback.