Dr Reddy’s Laboratories has received its board’s approval to buy back equity shares of the company for an aggregate amount not exceeding Rs 1,569.4 crore at a price not exceeding Rs 3,500 a share.
Shares will be bought from all shareholders of the Hyderabad-based company, including persons who become shareholders by cancelling American depository receipts and receiving the underlying equity shares, under the open market route in accordance with existing norms. The maximum buyback price represents 18.6 per cent premium to the average of the weekly high and low of the closing share price of the company in the last two weeks.
At the maximum buyback price and for the maximum buyback size, the indicative maximum number of equity shares to be bought back would be 44.84 lakh.
