Aurobindo Pharma board to consider buyback of shares, stock jumps 5%
Aurobindo Pharma board meeting on July 18, 2024, to discuss share buyback. Stocks hit Rs 1,394, a record. First-ever buyback. Shares soared 86% in a year, 27.3% YTD.
The board of on Sunday announced that they will be holding a board meeting on July 18 to consider the proposal for a buyback of shares and other related matters, following which the stock surged 5% to its new all-time high of Rs 1,394 on today.“A meeting of the Board of Aurobindo Pharma Limited (“Company”) will be held on Thursday, July 18, 2024 to consider, inter alia, a proposal for buyback of the fully paid-up equity shares of the Company and the matters necessary and incidental thereto, in accordance with the applicable provisions under the Companies Act, 2013, as amended (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended, and other applicable laws,” informed the company via a filing to the exchanges.
As per the data available on BSE, this will be the first ever instance of a buyback by the company.
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The most recent instance of the company splitting its share was in the year 2011 wherein the stock was split from a face value of Rs 5 per share to Re 1 per share, while the last time the company has issued bonus shares to its shareholders was in the year 2015, as per the Trendlyne data.
In the last one year, the shares of the Hyderabad-based drug maker have surged by 86% while on a year-to-date basis the stock has increased by 27.3%, as per the BSE analytics.
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Source: Stocks-Markets-Economic Times
