Aurobindo’s share buyback represents 0.88% of the total shares in the company’s paid-up share capital.
Following the announcement, the company’s shares in the BSE 200 index fell over 1 per cent to an intraday low of Rs 1,352 on the BSE.
The company said that under Rule 5 of the Share Buyback Regulations, it can increase the share buyback price and reduce the number of shares proposed for buyback up to one business day before the record date, thereby ensuring that the size of the share buyback remains unchanged.
As of June end, promoters owned 51.8% of the company, FIIs 16.73% and mutual funds 19.17%. Early 2011, Aurobindo Pharma announced a share split of Rs 5 to Rs 1 per share. The company last issued bonus shares to shareholders in 2015, according to Trendline data. Last year, shares of the Hyderabad-based drugmaker surged 81% and are up 26% year-to-date. (Disclaimer: Expert recommendations, suggestions, views and opinions expressed are their own and do not necessarily reflect the views of The Economic Times)
