Claris Lifesciences rises on plan to buy-back 14.49% stake

Claris Lifesciences Ltd. | Trading | Miscellaneous | BSE: 533288 | NSE:

21 Mar 2014 Evaluate

Claris Lifesciences is currently trading at Rs. 184.95, up by 4.60 points or 2.55% from its previous closing of Rs. 180.35 on the BSE.

The scrip opened at Rs. 188.10 and has touched a high and low of Rs. 195.05 and Rs. 184.10 respectively. So far 244340 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 232.00 on 03-Apr-2013 and a 52 week low of Rs. 142.05 on 18-Jun-2013.

Last one week high and low of the scrip stood at Rs. 195.05 and Rs. 178.55 respectively. The current market cap of the company is Rs. 1180.63 crore.

The promoters holding in the company stood at 60.21% while Institutions and Non-Institutions held 26.28% and 13.51% respectively.

Claris Lifesciences will buy-back shares aggregating 14.49% of its total equity capital from shareholders for a total of Rs 231.25 crore. The company will buy-back up to 92.5 lakh shares of face value Rs 10 each at a price of Rs 250. As on February 1, 2014 the promoter and promoter group had a holding of 60.21% stake in the company.

The buy-back through tender offer route gives an option to all the equity shareholders, including the promoter shareholders, to receive the surplus cash by participating in it. The process is being implemented through the tender offer route and would involve allocation of 15% of the outlay to small shareholders.

Claris Lifesciences is one of the few injectables companies in India to have its own front end in the US, the company markets its products through its wholly owned subsidiary Claris Lifesciences Inc. The company now has 11 ANDAs approved and has a total filing of 32 ANDAs.

Claris Lifesciences Share Price

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