Aarti Drugs surged 7% to Rs 689, also its 52-week high on the National Stock Exchange (NSE) in early morning trade after the company said that its board will meet on January 8, to consider share buyback proposal.
“A meeting of board of directors of the Company is scheduled to be held on Monday, 8th January, 2018, to consider inter alia, proposal of buyback of the fully paid-up equity shares of the Company including matters related/incidental thereto,” Aarti Drugs said in a regulatory filing.
As of September 2017, the promoters held 62.49% stake in pharmaceutical company. Individual shareholders have 28.49% holding, while mutual funds held 3.68% stake in the company, the shareholding pattern data shows.
In past one year, the stock had underperformed the market by gaining 4%, as compared to 27% rise in the Nifty 50 index.
At 09:30 AM; the stock was up 5% at Rs 667 on the NSE, against 0.19% gain in the benchmark index. A combined 29,894 shares changed hands on the counter on the NSE and BSE.