Aarti Drugs climbs 3% as board announces buyback plan

NEW DELHI: Shares of Aarti Drugs jumped over 3 per cent in Tuesday's trade after the company’s board approved buyback of up to 3,60,000 fully paid-up equity, representing up to 1.49 per cent of the total number of equity shares of the company.

The company said it would buy shares at a price not more than Rs 750 apiece. Following the announcement, the stock rose 4.25 per cent to hit a high of Rs 653.70 on BSE. The company said promoters of the company intended to participate in the issue.

“The company has announced a buyback committee to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient, usual or proper in connection with the proposed buyback,” the company informed BSE.

The company has fixed November 2 as the record date for the purpose of buyback of equity shares.