Pharma stock announces buyback of shares at ₹325 after one year of listing

Market


Buyback of shares 2022: The board of directors of Windlas Biotech Ltd has approved and declared buyback of shares after around one year of its listing on BSE and NSE exchange. The company board approved buyback of shares for an amount not exceeding 25 crore. The pharma company board announced buyback price not exceeding 325 per share. Buyback of shares will be done from the open market.

Windlas Biotech share buyback 2022

Informing Indian stock market exchanges about the buyback of shares, the pharma company said, “This is in furtherance to our outcome dated November 08, 2022 and corrigendum to the Outcome dated November 09, 2022, informing about the decision of the board of directors (“Board”) of the Company of Buy-back for an amount not exceeding 25,00,00,000/- (Rupees Twenty Five Crores Only) at a price not exceeding 325/- (Rupees Three Hundred and Twenty Five Only) per equity share (“Maximum Buy-back Price”) payable in cash which represents 6.38 % and 6.39 % of the aggregate of the paid-up equity share capital and free reserves as per the audited standalone financial statements and audited consolidated financial statements for the financial year ended on March 31, 2022, respectively from the equity shareholders/ beneficial owners of the equity shares of the Company other than the Promoters, members of Promoter Group and persons in control of the Company (“Buyback Offer”) from Open Market through Stock Exchange Mechanism in terms of the provisions of Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (“Buyback Regulations”).

The buyback of shares has been announced by Windlas Biotech Ltd after around one year of its listing on Indian bourses. Windlas Biotech IPO was launched in August 2021 at a price band of 448 to 460 per equity share. The public issue worth 401.54 crore had a weak listing as Windlas Biotech shares opened on BSE at 439 and on NSE it opened at 437. The stock has been continuously nosediving after its listing.

Premium offered in Windlas Biotech share buyback

Windlas Biotech share price today is around 245 apiece whereas its buyback price is 325. This means, company is using its reserves and ready to buy Windlas Biotech shares from the open market at more than 30 per cent premium.

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